Santander launches five-year, 98% LTV ‘My First Mortgage’ helping first-time buyers achieve homeownership dream
03 February 2026
Aspiring first-time buyers could see their dreams of owning a home become reality sooner than expected as Santander UK today launches ‘My First Mortgage’, a 98% five-year fixed rate mortgage product, with a rate of 5.19%, zero product fee and £250 cashback1.
‘My First Mortgage’ is available exclusively to first-time buyers, via a mortgage broker or Santander mortgage adviser, and marks Santander’s latest step towards helping more would-be buyers onto the property ladder. Data from the lender shows that more than half (52%) of UK adults said they found saving money for a deposit to be the biggest barrier to buying a property2.
The new product requires a minimum £10,000 deposit, with maximum lending up to £500,000 repayable over a term of between five and 40 years. Lending above 95 and up to 98% is available on existing houses only3, with data from the lender showing that two thirds of first-time buyers purchased a house in 2025. All lending remains subject to Santander’s broader affordability checks, including a maximum loan to income multiple of 4.45x salary. Customers looking to purchase a new build property or flat are able to continue to access borrowing up to a maximum 95% LTV.
David Morris, Head of Homes for Santander UK said:
“We know that saving for a deposit remains one of the biggest hurdles to homeownership. Last year, the average first-time buyer with Santander put down a deposit of more than £85,0003, a figure that can feel unattainable for today’s aspiring homeowners, whether that’s a result of more modest income, limited family financial support, rising rental costs, and in some cases childcare expenses.
“We want to help more people benefit from the stability and sense of pride that owning a home brings, while maintaining our position as a responsible lender. My First Mortgage does just that, offering the chance to speed up the time to ownership with the reassurance that the buyer has received specialist mortgage advice and will have certainty of what they are expected to pay, every month, for the next five years.”
In addition to its new ‘My First Mortgage’ product, Santander is committed to supporting first-time buyers by:
- offering up to 95% LTV products on new build houses and all flats
- accepting gifted deposits from family members
- the ability to access 5.5x income in borrowing
- free standard valuation on most mortgages
For more information on My First Mortgage, visit: https://www.santander.co.uk/personal/mortgages/my-first-mortgage (website live at 9am on Tuesday 3 February)
