For a flexible approach, turn to your local Building Society
20 June 2018 • Products & Services
Did you know that there are 44 Building Societies in the UK, yet none of them have their headquarters in London? At The Cambridge we're proud that our regional base is just one of the things that makes us that bit more different to a bank. Having our home in our beautiful city doesn't just mean lunchtime walks over collegiate bridges while punts drift by, it means everything that comes with having lived somewhere for 167 years - we're part of the community, we know the area, we know what's changed and what's on the horizon. For you and your clients that means that we're experts in our market and that extra level of knowledge (along with our manual underwriting process) means we're able to be flexible with our criteria and find solutions when it really matters.
For example, one group that we're particularly proud to support are borrowers who may be considered by others to be 'too old'. For us at The Cambridge too old doesn't exist - we have no upper age limit on our mortgages. This is just one example of the benefits of our manual underwriting process - as long as your customer can make their repayment, age really is just a number.
Across the industry, we're all aware of the current challenges facing existing and potential Buy to Let landlords. This year we're dedicated to doing all that we can to make things that bit more possible – we reduced our 5 Year Fixed Rate BTL Mortgage rate - now down to 2.99%. To calculate affordability, a stress rate of 4.49% will be used (pay rate plus 1.5%) with rental coverage of 140%. And even better than that, where you have a like for like remortgage and the 5 year product is deemed appropriate, the rental coverage is reduced to 125%.
When your customer becomes one of ours, great things happen. They become one of our members, part of our community which helps things to happen in theirs - from supporting local charities to investing to help more people in their area to buy a home of their own. We won't forget how they found us though, and for as long as they stay our customer, we'll know they're also yours. We'll let you know when their mortgage term is coming to an end, and pay you for retention (having been the first mutual to offer a procuration payment to intermediaries when they re-place a customer mortgage upon maturity).
So whether your client is finding it hard to secure a mortgage because they're self-employed, have an adverse credit history, are a little bit older or just want to know that they're going to be dealing with a lender with integrity and community at their heart, give our expert team a call. We love a challenge, so why not have a chat to us about your more unusual cases or visit our website at www.cambridgeforintermediaries.co.uk. And if we don't cover your area, there's bound to be a local Building Society who does.