Royal Bank of Scotland and NatWest have revealed new mortgage rates to be rolled out in conjunction with the UK government's Help-to-Buy scheme.
RBS have announced two products, a two-year fixed rate product at 4.99% and a five-year fixed rate mortgage at 5.49%. Both are available fee-free up to 95% loan to value and will be offered on all properties up to £600,000.
The lender will extend opening hours at its 740 NatWest and RBS branches for the next two weeks to cope with expected demand. RBS expects to help 25,500 first-time and next time buyers using the scheme over three years.
According to Moneyfacts.com, there are currently 44 95% mortgage products available in the UK - but many of these include guarantor and regionally restricted mortgages. Yorkshire Bank offer a three-year fixed rate mortgage at 5.49% while Leeds Building Society currently offers a five-year 95% product at 5.39%.
Head of mortgages at RBS and NatWest, said: "We've had lots of interest in Help to Buy mortgage guarantee already, it's clear that for many of our customers this scheme will make the difference and enable them to buy that next property.
"I bought my first home with a 95% mortgage, so I understand how hard it can be to save for a large deposit. This scheme will make that challenge to pull together a deposit a little bit easier. From today customers can visit any of our 2,000 branches or call us to find out how we can help them through the scheme."
Halifax has also announced its first product while Aldermore, HSBC and Virgin Money have confirmed plans to launch Help to Buy mortgages in the coming months.
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