What is Santander My First Mortgage?
Santander My First Mortgage can reach 98% loan-to-value, but requires a deposit of at least £10,000. A 2% headline does not make a smaller cash amount sufficient.
Checked 28 October 2026. This is a selected product explanation, rather than a whole-market comparison or a recommendation.
Who can apply?
- All applicants must be first-time buyers. The loan range is £190,001 to £500,000, at more than 95% and up to 98% loan-to-value.
- The maximum term is 40 years and the published loan-to-income limit is 4.45 times income. Affordability can reduce the amount.
- Flats, new builds, shared ownership and private sales are excluded. A loan cannot fund the deposit.
What does the deposit mean in pounds?
On a £500,000 eligible home, 2% is £10,000, leaving a £490,000 mortgage. On a £250,000 home, 2% is only £5,000: the minimum £10,000 deposit still applies. Both figures remain subject to all the other criteria.
This is deposit arithmetic, rather than an available quote. The lender can offer less or decline an application.
The catches
98% is a ceiling on borrowing compared with the property value. It is not an offer to lend that amount to every first-time buyer, and the minimum cash deposit applies alongside it.
Borrowing more leaves less protection if prices fall and can increase repayments and total interest. Your home may be repossessed if you do not keep up repayments on your mortgage.
Questions you might be asking
Does 98% mean I only need £5,000 on a £250,000 house?
No. Santander’s minimum £10,000 deposit still applies. Loan limits, affordability and property restrictions must also be met.
Is this a government scheme?
This is a lender product. The separate Your First Home proposal is government-backed equity borrowing and has different conditions.
Can I use the planner to confirm eligibility?
No. The planner uses general budgeting assumptions and does not apply this lender’s underwriting rules.
What if I have only saved the deposit?
Check buying costs and accessible emergency money separately. A deposit alone does not cover the full cash needed.
Where should I check the latest rules?
Use the linked original lender page. Product availability, evidence requirements and criteria can change.
What is a useful first step?
Build a budget using take-home pay and everyday spending, then discuss the actual property and evidence with a regulated adviser or lender.
Sources
Original information checked 28 October 2026. Lender criteria and government plans can change.
What to do next
Start with what monthly life would cost. Keep the deposit, other buying costs and money held back in separate pots.
Build my starting budget →Download the questions checklist ↓Want help checking the conditions? Talk to Rob at Lynton Mortgages. Your figures are not sent automatically.