5 Feb 2026
Santander launches 98 percent LTV mortgage for first-time buyers
‘My First Mortgage’ from major high-street lender Santander is specifically for those wanting to buy their first property. It allows first-time buyers to purchase 98% of the property’s value. However, certain criteria must be met to be eligible.
Research from Santander showed that over half (52%) of UK adults said that saving for a deposit was the biggest barrier to getting onto the property ladder.
The new product is only available through a mortgage broker and includes the following requirements and restrictions:
- Maximum borrowing: £500,000
- Deposit required: minimum £10,000
- Five-year fixed rate
- No flats or new-build properties
- No self-employed applicants
- If a joint application, both must be first-time buyers
- Not available on properties in Northern Ireland
- £0 product fee, free standard valuation & £250 cashback
For further information about this product, or for other options, contact the Mortgage Required team: 01628 507477 or team@mortgagerequired.com.
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