Guide: buying your first home
Everything you need to know from saving for a deposit to who you need to involve and when
Find out what you could borrow and how much it could cost
Work out what you spend each month using our budget calculator
Designed to help make buying your first home easier
The government provides a guarantee to lenders for offering mortgages up to 95% loan to value (LTV). This means if you couldn’t pay back your mortgage, the guarantee would protect the lender against a proportion of losses. You’re responsible for paying your mortgage under this scheme in exactly the same way as any other mortgage.
If you can afford to repay a mortgage but don’t have a large deposit, this scheme could help you and may mean you don’t have to wait so long to buy your first home.
You buy your new home with a Santander 5% deposit mortgage which needs to be repaid on a repayment (capital and interest) basis. You can get these mortgages:
- through our branch network
- over the telephone, or
- from Santander for Intermediaries through an Independent Financial Adviser. (Find Independent Financial Advisers at Unbiased’s website.)
Find out more on our mortgage guarantee scheme web page.
This scheme allows you to part-own, part-rent when you first buy your home. You can buy the remaining shares in your home as time goes on until you own 100% of the property.
- The schemes are run by non-profit housing associations which own, let and manage rental housing
- You need a minimum 10% deposit for the share of the home you’re buying with a mortgage
- You pay a subsidised rent to the housing association for the part you rent.
To find out if you’re eligible for a Shared Ownership scheme take a look at the government’s information pages
This scheme combines a mortgage with an equity loan and allows you to buy a brand new home in England.
- You need a minimum 5% deposit and the government lends you up to 20% of the cost of your newly built home, or up to 40% if you’re buying in London
- The equity loan is interest-free for 5 years after which you start being charged interest
- These mortgages are not available in branch, by phone or online, so you’ll need to speak to an Independent Financial Adviser.
This is a Ministry of Defence (MOD) scheme to help regular armed forces personnel buy their first home.
- The scheme lets you borrow up to 50% of your annual salary, up to a maximum of £25,000, to use towards the deposit on your first home
- The loan is interest-free and must be paid back to the MOD within 10 years through your salary
- You will need to check with the MOD to see if you qualify for this scheme
- This scheme is only available in Santander branches or over the phone.
If you have a Help to Buy: ISA, you can continue to save into your account until 30 November 2029. If you want to claim the 25% government bonus on your savings your conveyancer must do this by 1 December 2030 (eligibility applies). To check eligibility for the government bonus, visit the Help to Buy government website. The scheme has now closed to new applicants.
This is a brief summary of the 3 different types of mortgages we offer
The graphs are for illustrative purposes only.
For an in-depth comparison of the mortgage types on offer read our guide to mortgages
Your monthly payment covers both the amount you’ve borrowed and interest. So as long as you keep up your payments, your mortgage will be paid off at the end.
Your monthly payment only pays off the interest. You’ll still need to repay the amount you borrowed at the end of your mortgage and will need a separate plan in place to do this (such as an investment or endowment). We may limit the amount allowed on interest only.
You can choose to pay part of your mortgage as repayment and the other part as interest only.