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NatWest offers first time buyers a new boost to get on the property ladder

  • From December the 1st NatWest was be one of the first lenders to deliver the Government’s Help to Buy: ISA scheme to our customers.
  • The variable interest rate for NatWest’s Help to Buy: ISA is 2% per annum.
  • Unlike its competitors, NatWest does not offer products with ‘introductory bonus rates’ ensuring that existing savers do not get lower rates than new savings customers.
  • Under the Help to Buy: ISA scheme for every £200 a person saves, the Government will top this up by £50 when the person purchases their first home. The Government will offer an individual saver up to a maximum £3,000 top up.

From December 1st NatWest became one of the first lenders to offer the Government’s Help to Buy: ISA to first time buyers. NatWest is amongst the first lenders to offer customers this product in the UK.

First time buyers can save up to £1,200 in the first month and then up to £200 per month thereafter. The most customers can save for a bonus is £12,000.

NatWest l also offers customers a variable interest rate of 2% and will continue to ensure its savings products reflect the promises that were made to our ISA customers in 2014 – that, unlike competitors,  NatWest does not offer products with ‘introductory bonus rates’ and that existing savers do not get lower rates than new savings customers.

Commenting on the launch of the Help to Buy: ISA, Angela Byrne, Head of savings at NatWest, said:
 

“Across the country house prices continue to rise pushing up the deposits young people need to get on the property ladder. This means it is now more difficult than ever before for young people to take that first step.

“We are very aware of the strains young people in particular put themselves under to save for their first home. With 8 out of 10 of our customers relying on help from their parents this scheme couldn’t be more timely.  We also hope it will get our customers in the important habit of saving as research has shown that one in three British people have no savings at all[1]”.

 

[1] Research from Money Advice Service conducted in January 2014