NatWest says government’s new Help to Buy ISAs will help young customers
NatWest has revealed that it will be one of the country’s first lenders to participate in the government’s new Help to Buy: ISA scheme.
Starting next week, NatWest will offer customers accounts on the scheme, which will see the government topping up individuals’ savings when they purchase their first home.
For every £200 an individual saves, the government will provide another £50, with a total top-up cap of £3,000.
NatWest head of savings Angela Byrne said that the bank is “very aware of the strains young people in particular put themselves under to save for their first home” and that the new initiative was “timely” given that 80 per cent of the bank’s first-time home-buyer customers rely on help from their parents to pay.