NatWest hands first time buyers an olive branch
There finally seems to be a real glimmer of light in what has been a first time buyer borrowing black hole as NatWest Intermediary Solutions launches a special two-year fixed rate mortgage up to 90 per cent loan-to-value (LTV) at 4.99 per cent with no fee.
The deal, whilst aimed solely at first time buyers, does allow for only one of the applicants to be true FTB.
The new 4.99 per cent fixed rate has been reduced by 0.6 per cent; the knock on effect being a significant decrease in payments; repayments on a £250,000 loan to now be £125 less.
The deal, which is available through selective brokers, is bettered only by Barnsley Building Society whose two-year fixed rate mortgage up to 90 per cent LTV at 4.69 per cent with no fee for first and second time buyers plus remortgagers remains the market leading FTB deal¹.
Such a competitive deal, and from such a big high street lender, will hopefully set a precedent for others to follow suit and finally give first time buyers a tangible foothold on the ladder.
¹Mortgage Solutions (Aug 2011)
Content correct at time of publication