With the average price of a new build property in the UK currently around £394,000, according to Land Registry data, the adjustment could lower the required deposit by nearly £20,000.
A new build property is defined as one built, first occupied in its current state or significantly modernised, refurbished or altered within the last two years. A professional valuer will decide whether a building meets this definition at the point of valuation.
“We’re committed to continually improving what we can offer customers, making mortgages faster to access and more flexible to their needs,” said Lloyd Cochrane, head of mortgages at NatWest.
“In line with our broader support for sustainable homeownership, this change reflects our particular commitment to helping the new build market.”
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