The Telegraph - Santander launches 98pc mortgage to fix ‘generational problem’

One of Britain’s largest lenders has launched a 98pc mortgage in an effort to help first-time buyers with low deposits get on the housing ladder.

Santander will allow those with just £10,000 saved up to borrow as much as £500,000 over between five and 40 years, as long as they take an initial five-year fix of 5.19pc.

Aaron Strutt, of Trinity Financial, said: “If you do take a low deposit mortgage then it often makes sense to make overpayments and use the standard 10pc overpayment facilities if possible to try and reduce the LTV so it’s closer to 90pc or 95pc. This is where lots of lenders have more competitively priced rates.”

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