The Cambridge supports first time homeowners with shared ownership options
27 March 2018 • Products & Services
The Cambridge Building Society today strengthens its support for first time buyers struggling to get a foot on the property ladder by launching a range of new products and amending lending criteria.
Alongside a competitive range of discount and fixed products, lending on up to 95% of the share of the house or flat being purchased will be considered and there is no requirement to have 100% staircasing within the lease.
The range is also available to shared ownership borrowers looking to remortgage.
Research conducted by the Council of Mortgage Lenders in 2016 identified that around 200,000 households fell under the shared ownership scheme and that lender support was essential if the Government’s ambitious target of 70% sector growth over 5 years was to be realised.
Tracy Simpson, Head of Lending at The Cambridge comments; “Helping first time buyers remains one of our key priorities and during 2018 we are fully committed to finding a range of solutions to support the needs of this very important group. We’ve canvassed opinion from intermediaries on our proposition over the past few months to get feedback on what we offer and this has led to these improvements to our criteria.”
Dan Barker, Product Manager said; “We’ve always supported shared ownership schemes, but our approach has been limited so it’s great to now have a full range of products for intermediaries to select from. Choice is important so we’ve been keen to ensure we offer both fixed and discount products and fees have been kept low to ease the entry costs for first time homeowners.”