NatWest has recently announced that it will no longer be offering shared equity purchase products for the Help to Buy scheme. This scheme, which was launched in 2013, has helped over 200,000 people purchase a home by providing government-backed loans. The scheme has been popular with first-time buyers, but NatWest’s decision to withdraw from the scheme could make it more difficult for some people to get on the property ladder.
The Help to Buy scheme was designed to help people who were struggling to save up a large deposit for a home. It allowed them to borrow up to 20% of the value of a property from the government, with the remaining 80% being provided by a mortgage lender. NatWest was one of the lenders offering shared equity products for the scheme, but it has now decided to end its involvement.
NatWest has said that its decision was based on the fact that it had not seen enough demand for its shared equity products. It also said that it had seen a significant increase in the number of customers taking out mortgages without the help of the Help to Buy scheme. This suggests that the scheme may not be as popular as it once was, and that more people are now able to access mortgages without government assistance.
The decision by NatWest to end its involvement in the Help to Buy scheme could make it more difficult for some people to purchase a home. Those who were relying on the scheme may now have to look elsewhere for assistance, or may have to save up a larger deposit in order to access a mortgage.
Despite NatWest’s decision, there are still other lenders offering shared equity products for the Help to Buy scheme. These include Barclays, Santander, and Lloyds Bank. However, it is important for potential buyers to shop around and compare different lenders in order to find the best deal for them.
In conclusion, NatWest’s decision to end its involvement in the Help to Buy scheme could make it more difficult for some people to purchase a home. However, there are still other lenders offering shared equity products for the scheme, so potential buyers should shop around and compare different lenders in order to find the best deal for them.