The Cambridge enhances low deposit mortgage range


01-02-2021

Getting a foot on the property ladder remains very difficult, particularly in the Cambridgeshire area in part due to high property prices. The latest announcement from The Cambridge aims to address this with reduced rates and new additions to its low deposit mortgage range.

Cambridgeshire is an incredibly popular location to live, with the vibrant city of Cambridge at its heart. Its desirability causes house prices to remain high and a potential barrier for those with a low deposit looking to purchase in the area.

The number of First Time Buyers plummeted during 2020 and as further analysis is released, it is evident house prices have increased despite the global pandemic. The average house price in Cambridgeshire soared past £300,000 in September 2020 for the first time since Land Registry records began in 1995.

The enhanced low deposit range from The Cambridge aims to help First Time Buyers and those seeking to move home with smaller deposits. Rates start at just 2.89% on the two year discounted mortgage – a new edition to the range. With no completion fees and the flexibility to overpay by up to 10% The Cambridge expect this product to be particularly popular.

Product

Initial interest rate

Application Fee

Completion Fee

Early Repayment Charge

Over- payments

2 Year Discounted

2.89%

£199

£0

1%

10%

2 Year Fixed

3.39%

£199

£800

3/2%

10%

5 Year Fixed

3.49%

£199

£800

5/4/3/2/1%

10%

Matthew Barber, Mortgage Manager at The Cambridge comments “The housing market has remained reassuringly buoyant, particularly in our local area, whilst this is great for home owners, it makes it more difficult for those looking to get on the housing ladder with a lower deposit. Our new lower rates for those who have a 10% deposit will make their mortgage more affordable and is yet another way The Cambridge are striving to support both First Time Buyers and those looking to move”.
 

The Cambridge is an independent, mutual society which has been serving the community since 1850

The Cambridge Building Society