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If you’re a Santander first time buyer, the bank’s new product could help: My First Mortgage. Santander UK has introduced this mortgage specially designed to make it easier for first-time buyers to step onto the property ladder — even with a very small deposit.
This new deal allows borrowing up to 98% loan-to-value (LTV), meaning you could potentially buy a home with just a 2% deposit — but there is a minimum deposit requirement of £10,000 (whichever is higher between 2% or £10,000).
What is My First Mortgage?
My First Mortgage is Santander’s dedicated product for first-time buyers who can raise at least £10,000 for a deposit. Santander highlights that saving for a deposit remains one of the biggest challenges for potential homeowners. Their data shows that around two-thirds of first-time buyers choose existing houses rather than flats or new builds — making this product a great fit for many people.
If you’re a first-time buyer with a stable salaried job and can raise at least £10,000 for your deposit, this could be a fantastic opportunity to buy your first home much sooner.
Key Features of My First Mortgage
- Minimum deposit: £10,000 (gifted deposits from family or friends are accepted)
- Maximum LTV: 98% (only 2% deposit needed, subject to the £10,000 minimum)
- Loan amount range: From £190,001 up to a maximum of £500,000
- Term: Up to 40 years
- Mortgage type: Repayment only (capital + interest – no interest-only option)
- Rate: 5.19% fixed for 5 years (early repayment charges apply during the fixed period)
- Product fee: £0 (completely fee-free)
- Free standard valuation: Included for the property
- Cashback: £250 towards your upfront costs (paid on completion)
The combination of a low minimum deposit, no product fee, and £250 cashback makes My First Mortgage an attractive option for those taking their first step onto the property ladder.
Who Can Apply?
My First Mortgage is aimed at the Santander first time buyer: a specific group of borrowers.
- Exclusively for first-time buyers (including joint applications where both are first-time buyers)
- Available only to employed / salaried workers (PAYE employees)
- Maximum loan-to-income ratio typically up to 4.5x combined annual income
- Available via Santander mortgage advisers or through authorised mortgage brokers
If you are self-employed or looking at Shared Ownership, this product is not available at 98% LTV — though Santander may offer other products up to 90% LTV.
Important Exclusions & Restrictions
Not available for:
- Flats / apartments
- New-build properties
- Properties in Northern Ireland
For these types of properties, Santander offers alternatives up to 95% LTV.
Other restrictions:
- Self-employed applicants and Shared Ownership schemes are not eligible at 98% LTV (other products may go up to 90%)
- Lending above 95% LTV (i.e., 96–98%) is restricted to existing / resale houses only
Is My First Mortgage Right for You?
My First Mortgage can be a great option if you are a Santander first time buyer: in salaried employment and able to put down at least £10,000 on an existing (resale) house. The fee-free product and £250 cashback help reduce upfront costs at a time when every pound counts.
To see if you qualify and explore your personalised options, it’s best to speak to a qualified mortgage adviser who can assess your circumstances and compare this product with other deals on the market.
All details are based on Santander UK’s official product page and launch announcements as of February 2026. Rates, criteria, availability and lending decisions depend on your individual circumstances and full credit & affordability assessment. Always seek advice from a qualified mortgage adviser.
Official Santander page for full details: https://www.santander.co.uk/personal/mortgages/my-first-mortgage
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