The first initiative is a mortgage for First Time Buyers that only requires a 2% deposit, designed to help those who can’t rely on the bank of mum and dad to get on the property ladder.
The First Step Mortgage is the only product of its kind on the market and has been introduced by The Cambridge as part of its focus to actively find solutions for those who need them the most.
As the average age of a First Time Buyer is now 31 and the average price of a first home stands at £208,741* this innovative mortgage has been designed to support people who don’t earn a high salary, can’t rely on family money, but are still able to afford monthly mortgage payments.
Chief Executive Stephen Mitcham said: “Budgeting to save thousands of pounds for a deposit is hard, especially for those who earn an average wage. As a community-focussed organisation we recognise our responsibility to the people around us. Profit making isn’t the objective of this product launch, we’re simply doing it to make it easier for people who need help the most to make that first step into home ownership.”
The First Step Mortgage is available to existing savers of The Cambridge on properties within a 15 mile radius of our branches and stores. The initial funds set aside is £5m which, in real terms, should help about 20 First Time Buyers. More will be made available based on the overall commercial success of The Cambridge, with profit being used in part to help fund future initiatives.
A big part of the difference The Cambridge hopes to make in its local area is to those who have minimal means to help themselves and it is also exploring ways to work with community groups who offer services for shelter and housing.
Stephen said: “We recognise we’re in a position to help some of society’s most vulnerable and want to play our part in supporting these people. We’re identifying charities and organisations to speak to but would welcome approaches from these groups to get the conversation started.”
For more visit cambridgebs.co.uk/thedifference