Banks have quietly hiked rates on the Government’s flagship housing scheme for first-time buyers just 43 days after it was launched.
NatWest, Woolwich and Nationwide are among those who have increased the interest on their mortgages under the NewBuy scheme by up to 22 per cent.
NewBuy aims to help buyers onto the housing ladder by allowing them to buy a new home with just a 5 per cent deposit because the housebuilder and Government back the loan.
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