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NatWest Improves New Build Mortgage Deposit Requirements

In the latest of its measures to help mortgage borrowers in the UK, NatWest has announced that it will reduce the deposit requirements for New Build Mortgages.

It has been widely reported recently that the numbers of first time buyers has been gradually declining since the cost of living crisis and the increases in mortgage interest rates. NatWest has announced a number of changes to its mortgage product range recently, including now increasing the amount that people can borrow against New Build properties.

This move by one of the biggest banks now means that borrowers can apply for up to 90% loan to value, which has increased from 85% previously. There has also been a significant increase to the amount that borrowers can apply for from 75% to 85%, which is a huge increase.

Currently, the average cost of a new build property is £394,000 which is according to Land Registry Data, and this move from NatWest will see the deposit requirements drop by a whopping £20,000. Renters are currently the hardest hit of all households in the UK, as they have seen an increase in the cost of renting and outgoings, which has had a significant impact on their ability to save for a deposit.

For more information about New Build Mortgages CLICK HERE.

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How to get a new build mortgage

There are plenty of options and lenders that will offer you a mortgage if you are trying to purchase a new build property. Your options will naturally be slightly more limited than if you are buying a property that is already built.

If you need to speak to a qualified mortgage expert then you can call 0800 009 6559 or CLICK HERE for more information.

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