However it has not released many product details including interest rates, fee information and fixed or variable periods.
The deals are only available for first-time buyers and movers and do not include remortgages or self-employed borrowers. New build, shared ownership and Right to Buy applications are also excluded.
The government scheme permits a maximum property price of £600,000, the property must be the only residential property owned by the applicant and must be owner-occupied, and the mortgage must be on capital and interest payment basis.
Additionally Santander limits the maximum value of flats it lends on to £400,000.
Therefore, the maximum loan is £570,000 for non-new build houses and £380,000 for non-new build flats. And the maximum loan to income is 4.45 times.
For employed applicants Santander will require the latest payslip plus the latest three months’ personal bank statements.
Applicants must complete the lender’s mortgage guarantee declaration to confirm that they do not own any other property.
Other launches
Yesterday Halifax was the first lender to reveal the details of its offering through the government’s 95 per cent LTV guarantee scheme.
It is launching two-year and five-year fixes with £999 fee and fee-free versions of each product – the two-year fixes are at 3.73 per cent and four per cent respectively with the five-year options at four per cent and 4.2 per cent each.
