16th August 2011

Natwest launch new first time buyer mortgage

I was interested to see that Natwest have launched a new first time buyer mortgage – a 2 year fixed rate 90% loan to value product.  This is a very welcome step in the right direction and ideally if we could just see perhaps 95% mortgages creeping in this would be enough to really kick start the property market. 

A recent Halifax report indicates that while property prices are at their most affordable level for first time buyers since 2003, the number of first time buyers has dropped to 10% and continues to deteriorate.  As I have mentioned in previous blogs, first time buyers are the life blood of the housing market and a healthy housing market requires the number of first time buyers to be 40% of all purchases.  Again I call for both UK and Scottish Governments to take urgent action to assist first time buyers.

Lindsay Darroch
Head of Property

 

 

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