The Cambridge Building Society reintroduces mortgages requiring only 10 per cent deposit
The Cambridge Building Society has reintroduced two mortgage products for customers who only have a 10 per cent deposit.
Exclusively available to those in the Cambridgeshire area, the low-deposit options include a two-year fixed rate at 3.79 per cent and a five-year fixed rate at 3.99 per cent.
Each comes with a £199 application fee, an £800 completion fee and a maximum loan size of £525,000.
The mutual withdrew its 90 per cent loan-to-value mortgages in March due to the impact of the coronavirus pandemic, but reintroduced them this week as part of its commitment to helping people in the local community have a home.
Matthew Barber, mortgage manager at The Cambridge, said: “We know that having to withdraw these low deposit mortgage options had an impact on those looking for higher loan to value products to buy their home, especially first-time buyers in our region.
“We’re delighted that we are now in a confident position to be able to support our local customers once again. My team of mortgageadvisers are looking forward to continuing to help customers have a home.”
The Cambridge is among a limited number of lenders offering such low deposit products.
With the stamp duty holiday for properties up to £500,000 remaining in place, the building society hopes the mortgages will aid first-time buyers in particular.