In a significant move to support aspiring homeowners, Santander has announced that it will be offering 5% deposit mortgages on new-build homes, marking a remarkable shift from the previous requirements of 15%. The new mortgage product will be available from tomorrow.
This step signifies Santander’s commitment to easing the path to homeownership, particularly for those facing the daunting challenge of saving for a hefty deposit while managing rental payments. Graham Sellar, head of development mortgages at Santander, emphasised the importance of addressing this obstacle, stating, “We know that saving for a deposit is one of the biggest hurdles for aspiring homeowners, especially for those juggling rental payments against trying to save.”
Under this new scheme, customers opting for new-build homes will have the opportunity to secure their dream property with just a 5% deposit.
David O’Leary, executive director at the Home Builders Federation, expressed enthusiasm for Santander’s initiative, highlighting the urgent need to address the housing shortage and facilitate access to homeownership. He remarked, “Santander’s introduction of 95% mortgages for new-build homes is extremely welcome. Most of us recognise that there is a shortage of homes and it’s becoming harder for younger households to step into homeownership.”
Dreaming of owning a Skipton Properties home? Talk to our independent mortgage advisors, the Mortgage Advice Bureau (external link), about whether this new product might make that dream a reality. At Skipton Properties, we understand the difficulty of getting on the property ladder which is why we’re ready to help with a variety of assistance packages, whether that’s help with your monthly mortgage payments or a little something to cover your moving costs. Talk to us today; our Sales Advisors are available Thursday – Monday 10:30 am – 5 pm to discuss your new home:
Pendle Farm – Worsthorne
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Source: The Independent