Santander launches 98% mortgage for first-time buyers – with strict rules

High street bank breaks traditional 95% limit, but experts say take-up will be limited by exclusions on flats and new buildsOne of Britain’s biggest banks has launched a mortgage that lets first-time buyers borrow up to 98% of the property’s value – but experts said the “very strict” rules would exclude many people and property types.Santander said this was the first time for years that a major high street bank had gone beyond the traditional 95% borrowing limit, and some mortgage brokers called it a “bold and significant” move that would help more first-time buyers achieve their home ownership dreams. Continue reading...