Mortgage guarantee scheme

Helping to make it easier to buy your new home

Mortgage Guarantee Scheme

What is the mortgage guarantee scheme?

The scheme is open for new mortgage applications from April 2021 to December 2022. It provides a guarantee for lenders to offer mortgages up to 95% loan to value (LTV). So you could still buy a new home even if you don’t have a large deposit. 

Mortgages under the scheme are backed by the UK government. This means if you couldn’t pay back your mortgage, the government guarantee would protect the lender against a proportion of losses. You are responsible for paying your mortgage under this scheme in exactly the same way as any other mortgage.

Am I eligible?

To apply for a Santander mortgage under the mortgage guarantee scheme:

  • you must be buying a previously owned house or flat (it’s not available on newly built properties)
  • the maximum property value is £600,000 if you’re buying a house, or £400,000 if you’re buying a flat 
  • you’ll be living in the property (it won’t be a second home or Buy to Let)
  • you won’t own any other properties in addition to the one you’re buying
  • you’ll have a deposit of between 5% and 9%
  • your mortgage will be taken on a repayment (capital and interest) basis
  • you’ll confirm you don’t have any other government subsidies, e.g. shared equity, Shared Ownership, or any part of your deposit funded by a local authority.

You can get these mortgages in branch or over the phone. You can’t apply online. 

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What do I need to know before I go ahead?

If you’re applying for a mortgage through the mortgage guarantee scheme, please make sure you read our factsheet. It tells you more about the scheme criteria, important considerations and FAQs.

Mortgage guarantee scheme factsheet  (1.63 MB)

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All mortgage guarantee scheme applicants must complete this declaration. You can either print and sign the declaration or you can type each name in the signature boxes and save it.

Mortgage guarantee customer declaration (54 KB)

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Ways to apply

At your local branch

Request a telephone appointment with a branch Mortgage Adviser

By phone

Speak to a Mortgage Adviser who can advise you on the right mortgage

0800 068 6064

Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturday