Santander mortgages positive for first-time buyers

Date:Monday 1st March 2010
Author: Susanna Kavka

Consumers looking to get on the property ladder could do well by considering a mortgage from Santander, one industry insider has stated.

Paula John, editor at Your Mortgage, stated that the news that Santander is to increase the products it has available to include 90 per cent loan-to-value (LTV) options can only be good news for first-time buyers.

The deal is available to consumers who are looking to purchase a new build as their first property. Meanwhile, those who are looking for a recently constructed flat can secure a LTV of 80 per cent, which is up from the previous LTV limit of 70 per cent.

She explained that until recently many mortgage lenders have been reluctant to open up to the first-time buyer market as it is seen as being a risky area.

"We are seeing more competition come into the mortgage market and more provision for first-time buyers in terms of higher loan-to-value products across the board," Ms John concluded.