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 Santander mortgage adviser or mortgage broker, 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
allowing up to four applicants on a mortgage application to improve affordability (direct only)
free standard valuation on most mortgages
For more information on My First Mortgage, visit: https://www.santander.co.uk/personal/mortgages/my-first-mortgage
- Ends -
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors:
Not available to self-employed applicants or applicants living in Northern Ireland. Minimum lending from £190,001. Cashback payable on completion.
IPSOS polling, conducted by Santander UK of 2,130 UK adults, between 24th – 29th October 2025.
Santander first time buyer data, 2025.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. The bank serves its customers via a nationwide 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) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. 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. In the first half of 2025, Banco Santander had €1.3 trillion in total funds, 176 million customers, 7,700 branches and 204,000 employees.