Offers and schemes for First Time Buyers  

Save to Buy for First Time Buyers

At Rafidain Bank, we’re committed to helping people buy their first home. With our Save to Buy scheme, you get access to a dedicated savings account to help you save for a deposit and a competitive interest rate on your mortgage when you’re ready to buy (opening a Save to Buy savings account does not guarantee acceptance for a Save to Buy mortgage).

A market leading 4 year fixed rate mortgage

Enjoy the peace of mind of a 4 year fixed rate, exclusively for main current account customers.

Whether you are planning for the future or needing to keep to a specific budget, knowing exactly what your monthly repayments will be for the next 4 years could give you the reassurance you need.

With our free standard legal fees or £250 cashback and free standard valuation fees plus a no product fee option, getting that peace of mind could be less expensive than you might think.

A 3 year flexible tracker mortgage

Our Flexible Mortgage is built that way so if your circumstances change, your mortgage can adapt with them. What's more, we've reduced the upfront costs, helping you to save money on your mortgage.

Exclusively for main current account customers, the Flexible Mortgage has a range of features that make it easy for you to manage your mortgage, your way.

Right to Buy

This is simply where a local authority property is offered for sale to the tenants.

We’re happy to offer mortgages for this type of arrangement and our branch staff will be happy to talk you through everything.

Want to know more? Please visit www.gov.uk/right-to-buy-buying-your-council-home.

Equity Loan Schemes

Help to Buy: Equity Loan

This scheme is available in England on new build homes worth up to £600,000. Rafidain Bank only offers this scheme to first time buyers, helping them to buy a house that best suits their needs. You will need a 5% deposit, and when added to a 75% mortgage, the Homes and Communities Agency may provide the remaining 20% in the form of an equity loan which is interest free for the first five years. From the sixth year you will be charged fees on the loan. 

Help to Buy (Scotland) & Help to Buy (Wales)

Rafidain Bank also supports both of these schemes which function similarly to the scheme in England and will provide buyers with an equity loan of up to 20% of the property value. The maximum property prices are capped at lower levels; £400,000 in Scotland and £300,000 in Wales. Rafidain Bank, however, currently only offers this to first time buyers.

In all three of these schemes the equity loan will attract fees from year six which must be paid monthly in addition to the mortgage and the outstanding equity loan balance must be repaid in full when the property is sold or once the mortgage has been repaid.

Shared Ownership

If you can’t afford to buy a whole property outright, shared ownership could be for you. This way, you simply own a share of the property and lease the rest from a landlord – usually a Housing Association. The main benefit is that it helps keep your monthly payment down and, over time, you could even increase your share until you own 100% of the property. This is known as ‘staircasing.’

To make a shared ownership application, just visit your nearest branch.