NatWest has announced an important move for those looking to buy a brand-new home. The banking giant has increased the amount buyers can borrow on new build properties, meaning significantly lower upfront deposits.

What’s Changed?

NatWest has bumped up its maximum loan-to-value ratios (LTV) for new builds:

• Houses: Now a generous 90%, up from 85%.
• Flats: A significant jump to 85%, previously capped at 75%.

What Does This Mean For Your Wallet?

With the average UK new build costing around £394,000 (according to the Land Registry), this change could save you a whopping £20,000 on your deposit!

NatWest’s Commitment to New Builds

Lloyd Cochrane, NatWest’s head of mortgages, explained that this move underscores their dedication to supporting both sustainable homeownership and the new build market.

What Counts as a New Build?

NatWest defines a new build as a property that meets one of the following criteria:

• Newly built
• First occupied in its current state
• Significantly modernised, refurbished, or altered within the past two years

A professional valuer will make the final call on whether your dream home fits the bill.

This move from NatWest could be the leg-up you need to finally get those new build keys in your hand!