The Cambridge relaunches unique 2% deposit mortgage
The Cambridge Building Society has relaunched its 2 per cent deposit First Step Mortgage range to help first-time buyers purchase their home.
The Cambridge says it is the only product of its kind on the market. First Step was initially launched in 2018, as part of its ‘Making The Difference’ initiative to help members get onto the housing ladder.
The product was withdrawn, alongside all higher LTV mortgages, when the pandemic struck two years ago due to the uncertainty of house prices and the hit to the wider economy.
Chief commercial officer Carole Charter said: “We are delighted to at last be able to relaunch our First Step Mortgage range.
“We take our commitment to the community very seriously and know that without our help many people would struggle to have the home they need.
“Saving for a deposit of thousands of pounds is difficult, especially in and around Cambridge, which is one of the UK’s most expensive areas. We see it as our duty as an independent mutual to make it easier for people to take that first step on the property ladder.”
The range allows customers to buy a home with a 2 per cent deposit, at rates aligned with the society’s 5 per cent deposit range, which means the additional benefit is not at the cost of a higher interest rate. The products also feature a low fee of £199 and a free valuation.
The mortgages are available to direct applicants looking to buy a property within 15 miles of The Cambridge’s 13-strong branch network, and through a limited number of mortgage intermediaries.