The scheme was formally introduced on 20 June 2011 by Housing Minister Grant Shapps, and will offer successful applicants an equity loan as a deposit of up to 20% of the value of a new build property.
In line with the rest of the market, homebuyers applying for a mortgage from NatWest Intermediary Solutions using the FirstBuy scheme will need to finance a minimum deposit of 5% of the net property value from their own funds in addition to the 20% loan from the scheme.
NatWest Intermediary Solutions offers a mortgage that is specifically for applicants using a Government-backed shared equity scheme.
Mark Bullard, head of sales, NatWest Intermediary Solutions, said: “I am really pleased that we are able to announce the continuation of our support for the Government’s shared equity scheme programme as it underlines our commitment to helping people to purchase their first property.
“We have consistently supported the first-time buyer sector by lending at 90% LTV and accepting applications from previous shared equity schemes such as HomeBuy Direct and LIFT. In addition, we have a dedicated low-fee shared equity purchase mortgage in our core range that’s available to all intermediaries who have clients using the FirstBuy scheme.”
Ross Bowen, mortgage services director, Connells, said: "It’s great to see that NatWest Intermediary Solutions is continuing to commit much needed support to first-time buyers. We see a lot of clients up and down the country who are crying out for help to raise the necessary deposit. This scheme and those lenders that support it will make a difference to many of our first-time buyers.”
