NatWest, along with other leading
lenders, has introduced a new range of
first-time buyer mortgages, with the aim of targeting those consumers looking to make the first leap onto the
property ladder . The
Natwest range of
loans include a two year deal without a
higher lending charge, a stepped
tracker with a
low rate, and a fixed
rate mortgage deal complete with
cash back .
NatWest are claiming that their new deals could
save customers thousands in fees. The
news may be attractive to cash-strapped
first-time buyers . The package is set at 5.29 per cent (+0.79 per cent above base rate) and comes with no HLC (Higher Lending charge), no arrangement
fees, and a free valuation.
The three-year
tracker mortgage is a stepped product, and the rate increases over the years. 3.99 per cent in the first year, 4.99 per cent in the second year and 5.99 per cent in the third year. NWS (Natwest Mortgage Services) data indicates that 1/3 of first-time
buyers in the last two years waited until age 35 to
buy their first home, whilst a fifth waited until age 40. Further data indicates that four out of every ten first-time buyers will
borrow at least 90 per cent of
property value .
The news follows recent indications that Scottish Widows would enter the
graduate mortgage market .
