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RBS to offer NewBuy mortgages via brokers

RBS to offer NewBuy mortgages via brokers

Category: Mortgages

Updated: 18/02/2013
First Published: 18/02/2013

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Royal Bank of Scotland has announced it will offer NewBuy mortgage products through its intermediary channel for the first time, to help first-time buyers achieve a foot-hold on the property ladder.

A subsidiary of RBS, NatWest, agreed to lend under the Government scheme in March last year, along with Nationwide Building Society and Barclays, with Halifax, Santander and Aldermore announcing they would be signing up in April, May and September, respectively.

A NatWest spokesperson confirmed: "We are working with all parties to extend our current distribution model."

It has not been confirmed as to whether the bank will offer the same range of mortgage products as those currently available to direct customers, or when the official launch date will be.

Launched in March 2012, the NewBuy scheme is part of the coalition Government's drive to encourage activity in the first-time buyer market, and stimulate the house building industry.

Available to buyers of new build homes valued up to £500,000, the scheme offers 95% loan-to-value mortgages with an indemnity mortgage guarantee, funded by the Government and building companies.

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