NatWest and RBS have unveiled their plans to help more people get a foot on the capital's property ladder through the London Help to Buy scheme, which launches today.
Under the scheme, prospective homeowners will qualify for a Government loan of up to 40% of the property price, compared to 20% across the rest of the country.
They will qualify for a loan up to a maximum purchase price of £600,000 if they can put down a minimum 5% deposit.
The deals are an extension of NatWest and RBS’s shared equity scheme and will be available in 33 boroughs across London.
Customers will also be able to apply for RBS and NatWest’s existing two and five-year Help to Buy shared equity mortgage deals and the same criteria will apply.
Lord Cochrane, head of mortgages at NatWest and RBS, said: “With property prices continuing to rise, we understand how difficult it is for people to get on the London property ladder.
“The Help to Buy schemes have been a help to a great deal of customers facing the prospect of raising a large deposit, so this new scheme for London should open the way for more people to buy their dream home.”
Graham Felstead, head of NatWest Intermediary Solutions, said: “We have been a long time supporter of the Government’s shared equity schemes and are happy to be able to inform brokers and their customers that we’ll be able to accept applications from London-based customers looking to buy their first home from February 1st.
“This is a great extension to a scheme which has already had a great impact on first time buyers.”