Cambridge Building Society has reduced rates on their two and five year fixed rate 95% LTV (loan-to-value) mortgages, specifically targeted at first and second time buyers.
The Cambridge Building Society reduces rates on 95% LTV mortgages
The refreshed low deposit residential mortgage range includes a two year discounted rate product, without early redemption charges, reduced by 0.25% to 2.99% and a five year fixed rate product reduced by 0.25% to 3.69%. The range also includes a two year fixed rate product which has been reduced by 0.5% to 2.99%, compared to the industry average of 3.41%.
In addition to reduced rates, The Cambridge are also offering all of their 95% LTV mortgage products with a low £199 booking fee and a free standard valuation.
The move to lower mortgage rates and improved features comes as a part of The Cambridge’s commitment to support not only First Time Buyers, but those who are falling financially short when it comes to making their next step in the housing market. Due to the current housing climate, it is becoming more difficult for home owners to build enough equity in their property to make their next step, and with additional costs such as valuation fees and stamp duty accompanied by the rising costs of properties in the Eastern region, it is no surprise that second time buyers may need some extra help.
Dan Barker, Product Manager at The Cambridge commented on the launch, “As well as competitive rates, our focus is always to provide customers with the products and services they need to have a home.”
“Whether it is their first, second or third property, we understand that it can be particularly challenging to be able to afford to move home in today’s housing market. We hope through these low deposit, competitive fixed rate products home buyers can find a solution with The Cambridge”.
The Cambridge is an independent, mutual society which has been serving the community since 1850