NatWest and Royal Bank of Scotland (RBS) have launched a new mortgage product for home buyers with a deposit below 10%.

The launch comes as the UK government’s Help to Buy: Mortgage Guarantee scheme is about to close at the end of the year.

The banking group said that the offering will be open to everyone eligible under the government’s scheme as well to those planning to buy a second home.

The new mortgage product, which opened to customers on 22 November 2016, is available to customers at the same rate as under the government scheme ranging from 3.69% to 4.59%.

The maximum home value will remain at £600,000, the bank said.

Lloyd Cochrane Head of Mortgages at NatWest and Royal Bank of Scotland commented: “Buying your first home is a huge moment for our customers and we are committed to doing everything we can to help people realise that ambition.”

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By GlobalData

The government scheme was very popular with first-time buyers with four in five (79%) applications from customers making their first steps on the property ladder.