Step 2: Buying options

You’ve decided that you’d like to move home but all of the places you’ve looked at seem out of your reach.

House prices may seem high, but that doesn’t necessarily mean you can’t afford to buy your next home. With Santander, you could get a mortgage with just a 5% deposit meaning you have less to pay upfront. Plus there are a number of other ways you could buy a home – with someone else or using one of schemes run by the government.


Buying with someone else


Joining forces with a good friend or family member can let you reduce the amount of deposit you have to find and share the cost of the mortgage. But sharing a home and being financially tied to another person is a big step. You need to be sure that the person you share the property with can keep up mortgage payments, and wants to stay in the property as long as you do.

We offer mortgages that let you buy a home with up to three other people but it’s important to be cautious – we recommend getting legal advice before you enter into any agreement to buy a house with another person.

If you own a property jointly, either as a married couple, partners or friends, you will need to choose one of two kinds of ownership.

Beneficial joint tenants

This is where you jointly own the home.

Tenants in common

You still jointly own the home, but you own a share of the home, which you can give away or sell.


Shared ownership


Another way of getting a new home is through a Shared Ownership scheme, run by a Housing Association. The Association owns part of the property and you own the rest of it. You have a mortgage and make payments for the part of the home that’s yours, and you pay rent for the part that belongs to the Housing Association. Over time you can buy extra shares from the Housing Association to increase the proportion of the property you own.


Government schemes


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

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.

Important Information


All applications are subject to status and our lending criteria. This means that the amount we’ll lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a bigger deposit if you’re buying a flat or new build property.