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RBS to offer NewBuy products through intermediaries

Royal Bank of Scotland is planning to offer NewBuy products through intermediaries for the first time.

At launch in March 2012, Nationwide, Barclays, and RBS subsidiary NatWest signed up to the scheme. Halifax, Santander and Aldermore followed in April, May and September respectively. NatWest was the only lender not to offer its products through intermediaries.

It is not yet known if brokers will offer the same products that are available to direct customers or if it will choose a select number of broker partners to distribute its NewBuy products.

RBS offers two NewBuy products through NatWest, a 4.49 per cent two-year fixed rate and a 4.79 per cent five-year fixed rate. Neither has a product fee.

A NatWest spokesman says: “We are working with all parties to extend our current distribution model.”

Mortgage Advice Bureau new homes director Andy Frankish says: “When we are talking to customers, whether it is about affordability or income, it is good to have a lender of the scope of RBS. It means we will be able to put more cases through this scheme.”

Under NewBuy lenders offer 95 per cent loan-to-value mortgages for new-build properties against a mortgage indemnity guarantee funded jointly by house builders and the Government.

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