The Cambridge expands Top Slicing offering to Sesame and PMS
26 June 2018 • Products & Services • Corporate
After a successful trial of offering Top Slicing on Buy to Let mortgages, The Cambridge today announces that they are now expanding this feature out to Sesame Network and PMS Mortgage Club.
This is the latest in a series of moves by The Cambridge designed to support the expected growth of landlords, in a climate which has become more challenging following tax and affordability changes. Reporting from early this year by IMLA shows that after Buy to Let lending fell by 12% in 2017, they expect a recovery in 2018 and 2019 despite the adverse tax changes. New offers and successful partnerships like these created by The Cambridge will help support the Society’s customers in this predicted growth.
Tracy Simpson, Head of Lending at The Cambridge said: “We’re delighted to be able to extend this offer through our distribution partners Sesame and PMS and for them to have the opportunity to offer Top Slicing to their members. This is another example of how at The Cambridge we’re always keen to support our customers and how our individual underwriting allows us to deliver solutions for each customer based on their specific circumstances. We offered Top Slicing through an initial mortgage club back in March and after reviewing the successful period, we hope the extension to this offer will continue to show our commitment to supporting landlords.”
Jane Benjamin, Head of Relationship Management at Sesame and PMS commented: “We are very pleased to be working with The Cambridge and making this facility available to our Sesame and PMS members. Based on feedback from our members, we know that this flexible and customer-focused approach is something that advisers and their Buy to Let clients are increasingly looking for. With each case considered on its individual merits, I’m sure that this latest initiative from The Cambridge will be welcomed by our members.”
Other recent criteria enhancements from The Cambridge which benefit Buy to Let landlords have included offering an Income Coverage Ratio of 125% on like for like BTL remortgages, a stress rate of 4.49% on their 5yr BTL Fixed Rate mortgage and having no upper age limit across their mortgage range.