Santander’s 2% Deposit Mortgage: The No-Nonsense Guide for Wirral Buyers 🏠
Saving for a house deposit while paying rent in the Wirral is like trying to fill a bucket with a hole in it. We get it.
But this week, Santander dropped a bit of a bombshell. They’ve launched "My First Mortgage" - a 98% LTV deal. In plain English? You only need a 2% deposit to get the keys to your first home.
This is the first time in years a massive high-street bank has gone this low on deposits. Here’s the "no-fluff" breakdown of what’s actually happening
The Facts (As of February 2026)
The Deposit: You only need 2% (though Santander’s minimum is £10,000).
The Rate: 5.19% fixed for 5 years. (Please note: This rate is correct at the time of writing but can be withdrawn or changed by the lender at any time).
The Perks: No product fee and they’ll give you £250 cashback to help with the move.
The Term: You can spread the payments over up to 40 years.
The "House Rules" (The Restrictions)
Santander isn’t just handing these out to everyone. There are some strict criteria:
Houses only: You can’t use this for a flat or a brand-new build.
No Side Hustles: If you’re self-employed, this specific product isn’t an option.
First-Timers Only: If you're buying as a couple, you both have to be first-time buyers.
The Salary Cap: They’ll usually lend up to 4.45x your income. So, for a £300k house, you’d need a household income of around £67k.
“You may only need a 2% deposit to get the keys to your first home.”
Is this a win for the Wirral?
If you’re looking at a semi-detached in Bebington, a terrace in Birkenhead, or a family home in Wallasey, this fits the "existing house" criteria perfectly.
However, if you had your heart set on a shiny new apartment at Wirral Waters or a flat in West Kirby, you can't use this specific 98% deal.
The Reality Check (The Risks)
We’re about keeping it real. Borrowing 98% is a bold move, and you need to weigh up the risks:
Negative Equity: If you only own 2% of your house and the market dips, you could owe the bank more than the house is worth. This can make moving or remortmaging very difficult.
Interest Costs: 5.19% is competitive for this tier, but if you can scrape together a 5% or 10% deposit, you’ll usually find much cheaper interest rates.
The Legal Bit
This article is a factual news update and does not constitute financial or mortgage advice. Because we haven't looked at your specific income, debts, or credit history, we aren't recommending this product to you personally. It’s just to let you know what’s currently out there in the wild!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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