The mortgage is available exclusively for a limited period to Santander customers who have a First Home Saver account with the lender and are aged between 16 and 35 years old.
Customers need to save between £100 and £300 each month by standing order towards their deposit and can pay in up to £5,000 as an opening deposit. The account offers a savings rate of 5%.
The 90% LTV deal comes with Santander’s Homebuyer Solution, offering a free basic mortgage valuation and £250 cash-back on completion.
Phil Cliff, director of Santander Mortgages, said: “We recognise the importance of supporting the first-time buyer, especially during the current economic climate, which is why we’ve launched one of the lowest rate 90% products available. It will surely provide a welcome boost to the sector.”