The Cambridge has announced that it has reintroduced two products for customers who are only able to access a 10% deposit. These low deposit options are offered exclusively to customers in the Cambridgeshire area.
The Cambridge reintroduces low deposit options for customers in its heartland
After withdrawing its previous 90% LTV mortgage offering in March due to the impact of the Coronavirus outbreak, the Society is reintroducing these low deposit options exclusively to support new buyers, home movers and those looking to change lender in its heartland, further demonstrating the society's commitment to helping people in the local community have a home.
Under the 90% LTV umbrella, The Cambridge is offering a two-year fixed rate at 3.79%, and a five-year fixed rate at 3.99%. Both products are offered with a £199 application fee, an £800 completion fee and a maximum loan size of £525,000.
The Cambridge joins a limited number of lenders who are offering customers low deposit products. With the Chancellor's stamp duty holiday for properties up to £500,000 still in place, the Society hopes that these lending options will offer the best support to buyers, especially those looking to purchase their first home and wanting to take advantage of the stamp duty freeze to get onto the housing ladder.
Matthew Barber, Mortgage Manager at The Cambridge comments: “We know that having to withdraw these low deposit mortgage options had an impact on those looking for higher loan to value products to buy their home, especially first-time buyers in our region. We’re delighted that we are now in a confident position to be able to support our local customers once again. My team of Mortgage Advisers are looking forward to continuing to help customers have a home.”
The Cambridge is an independent, mutual society which has been serving the community since 1850