Santander introduces 95% LTV new build products to help first-time buyers

From Tuesday 27 February, Santander UK is increasing the maximum loan-to-value (LTV) available on New Build houses and flats to 95%, meaning that aspiring homeowners only need a 5% deposit to make their homeownership dreams a reality. 

Currently, Santander offers borrowing up to a maximum of 85% LTV for New Build houses and 80% LTV for New Build flats1.  

Santander’s move makes it the only top six lender within the UK to offer mortgages up to 95% LTV across New Build flats and houses via all builders and all brokers. Customers buying a New Build with a 95% LTV mortgage will be able to select from the bank’s current 95% range of five-year fixed rate products. 

Graham Sellar, Head of Development, Mortgages said: “We know that saving for a deposit is one of the biggest hurdles for aspiring homeowners, especially for those juggling rental payments against trying to save. Our change will not only help more buyers get onto the property ladder sooner but also, with the majority of New Build properties achieving an EPC rating of A or B, support the wider transition to greener living.” 

The change from Santander comes at the start of the 2024 New Home Weeks (NHW), an annual awareness campaign from the Home Building Federation, the representative body of home builders whose members build 80% of all new homes in the UK in any one year. The theme for this years’ week, which starts on Monday 26 February, is 'Tomorrow awaits: Make it yours'. 

David O'Leary, Executive Director at the Home Building Federation said: 

 “Santander's introduction of 95% mortgages for new build homes is extremely welcome. Most sensible observers recognise that there is a huge shortage of homes and it’s becoming harder for younger households to step into homeownership. Improving the availability of mortgages not only helps address the country’s growing housing divide but it provides confidence for house builders to invest and continue to deliver more high quality and energy efficient new homes in the years ahead." 

Commenting on the change, Adrian MacDiarmid, Head of Mortgage Lender Relations, Barratt Developments PLC said: 

“The increase in loan to values is a testament to Santander's support for the New Build market and to their commitment to addressing not just the challenge of First Time Buyers aspiring to own their own home, but also our collective responsibility to support the transition to a lower carbon economy.” 


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Notes to Editors:  


Ownership typeCurrentNew
Standard residential new build house85% 95% 
Standard residential new build flat 80%95% 
Shared Ownership new build house85% 90%
Shared Ownership new build flat80%90%
Buy to Let flat 70%75%


Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2023, the bank had around 19,800 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.  

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2023, Banco Santander had €1.3 trillion in total funds, 165 million customers, 8,500 branches and over 212,000 employees. 

Barratt Developments plc is the country’s largest housebuilder. Barratt is committed to building high quality homes and this year received more NHBC Pride in the Job Quality awards than any other housebuilder for the 19th year in a row and was awarded 5 stars by its customers in the HBF satisfaction survey for the 14th year in a row. For more information visit