Santander has announced its participation in the government’s mortgage guarantee scheme from Tuesday 20 April, but the self-employed will be unable to apply.

First-time buyers and movers will be able to access mortgages where with an LTV between 90.01 per cent and 95 per cent, with the state purchasing a guarantee on the top-slice of the mortgage to help manage the lender’s risk.

However, Santander will not allow self-employed people to apply for these mortgages “at the current time”.

It says that any self-employed applicant will continue to be capped at 75 per cent LTV.

Outside of government criteria, which, among other stipulations, says that the maximum property value is capped at £600,000 and that the property must be a residential mortgage and not a second home or buy-to-let, applicants will need to heed additional Santander criteria.

These include a cap on the maximum value for flats of £400,000 and a maximum loan of £570,000 for all non-new build houses and £380,000 for non-new build flats.

Additionally, borrowers will not be able to apply for new build, Shared Ownership or Right to Buy properties.

The maximum loan-to-income value 4.45 times income.

Applicants will need to provide their latest payslip plus the last three months of personal bank statements.