We take part in some of them to help people get on the property ladder.
Help to Buy: equity loan and London Help to Buy
You combine a mortgage and an equity loan from the government to buy a brand new home in England. You put in a minimum of 5% deposit and the government provides an equity loan of up to 20% of the purchase price, or up to 40% if you’re buying in a London borough (London Help to Buy). The equity loan is interest-free for 5 years.
The government equity loan can be repaid in full at any time or you can make partial repayments of a minimum of 10% of the value of your home at the time you make the payment. The equity loan must be paid off in full when you sell your home, or when the mortgage is paid off.
This type of mortgage is available from Santander for Intermediaries through your Independent Financial Adviser. It is not available through Santander branches or telephone. Independent Financial Advisers can be found at www.unbiased.co.uk.
Forces Help to Buy
This is a Ministry of Defence (MOD) scheme designed to help you if you are regular armed forces personnel. It can't be used with any other mortgage schemes.
The MOD will assess your eligibility and you could borrow up to 50% of your annual salary (up to a maximum of £25,000) to pay the deposit on your first home. The loan is interest-free and needs to be paid back to the MOD within 10 years through your salary.
The mortgage itself works in exactly the same way as a standard mortgage. You can choose from our full mortgage range and apply in your local Santander branch or over the telephone.