First Step 2 Year Fixed Rate Mortgage available to whole of market 

Our 98% LTV First Step 2 Year Fixed mortgage at 5.89% is available to all intermediaries - helping to increase access to 98% loan to value mortgages for first-time buyers with small deposits.  

The change forms part of a wider mortgage product launch which also includes the reintroduction of a Expat Buy to Let 2 Year Fixed mortgage at 5.74% and Buy to Let Holiday Let 2 Year Fixed Rate mortgage at 5.64%.

First Step is available exclusively to first-time buyers, with borrowing of up to 98% of the property value and a maximum loan size of £500,000. We will lend up to 5.5 times household income, where affordable, and both gifted deposits and loans on new build houses are accepted. Self-employed applicants are also considered in line with the Society's standard criteria.  

Dan Barker, Product Manager at The Cambridge, said: 

“We know intermediaries are looking for practical options to support first-time buyer clients who can demonstrate affordability but may not have access to a large deposit. Making First Step 2 Year Fixed available to the whole of market gives brokers another route to consider for eligible clients looking to borrow up to 98% loan to value. 

“The product continues to be supported by responsible lending criteria, individual underwriting, and fixed monthly payments, helping intermediaries place cases where a lower deposit is the main barrier to home ownership.” 

First Step comes with a £499 product fee, and includes a free basic property valuation, helping to keep upfront costs down. Borrowers can overpay by 10% annually to help increase equity in the property more quickly if they are able. 

All mortgage applications are assessed on individual circumstances rather than credit scores alone. Minimum purchase price is £100,000. First Step is not available for lending on new build flats. 

The Cambridge was named Best First-Time Buyer Mortgage Provider for the third consecutive year at the MoneyNet Awards in January - recognising our support for first-time buyers through a range of innovative products, including its Rent to Home scheme.