The Cambridge make changes to their lending products and criteria to support First Time Buyers
30 July 2019 • Products & Services
The Cambridge have announced today reductions to the rates on some of their 95% LTV mortgage products alongside adjusting their lending criteria by increasing their maximum mortgage term to 40 years and therefore strengthening their ability to support First Time Buyers.
The reduced rates apply to their Low Deposit 2 Year Discounted Rate 95% LTV product which is now offered at 2.79%, and their Low Deposit 5 Year Fixed Rate 95% LTV product which is now offered at 3.49%. Both products have been reduced by 0.20%. To further improve their product range. The Cambridge have also introduced a Fee Free 5 Year Fixed Rate for the first time since 2018 which is offered at 2.79% for their 80% LTV product.
Along with competitive rates, The Cambridge have adjusted their lending criteria by increasing their maximum lending term to 40 years. Through the introduction of a longer term, The Cambridge look to strengthen their support to First Time Buyers, giving more affordable lending options in a housing environment which continues to pose challenges to those wanting to get onto the housing ladder.
Tracy Simpson, Head of Lending at The Cambridge commented on the changes. “At The Cambridge we are continuously striving to introduce solutions to help people have a home. Through the combination of launching both reduced rates on our 95% LTV products and a 40 year maximum term option we are ensuring both our products and criteria best supports First Time Buyers make that step onto the housing ladder.”