Natwest launches new first time buyer mortgage

18-Jul-2006

Breaking First Time Buyer News from FirstRungNow: High-street bank Natwest has introduced a mortgage range to help first time buyers onto the first rung.

First time buyers are having to delay getting onto the first rung of the property ladder due to affordability issues, research from Natwest indicates.

In the last two years, one in three aspiring homeowners did not buy their first property until they reached 35 and one in five delayed the purchase into their 40s.

According to Banking Business Review, Natwest has therefore launched mortgages to cater for first time buyers, with facilities including a two-year deal with no higher lending charges.

A stepped low-rate tracker is also offered in year one and first time buyers can benefit from a fixed-rate deal with cashback.

In addition, many deals come with free valuations.

Recently, the National Housing Federation warned that average house prices could push the £300,000 mark by 2011.

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