On the 2nd June NatWest Intermediary Solutions are launching their new Mortgage Guarantee Scheme products for Intermediaries. The new scheme allows first time buyers and those wanting to move home a chance to do so, using just a 5% deposit. The new Mortgage Guarantee scheme will offer both 2 and 5 year fixed rates at 95% LTV. The maximum purchase price of the properties will be £600,000 and cannot be repaid on an Interest only basis.
For the mortgage to be eligible for the new scheme, it will need to be a residential mortgage, not a second home and not buy-to-let, not be a new build property – which is any property built, first occupied in its current state, or significantly modernised, refurbished or altered within the last 2 years or be taken out by an individual or individuals rather than an incorporated company. The customers will also need to pass NatWest standard risk assessments e.g. affordability and credit checks.
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