The Cambridge continues to help first time buyers
People wanting to buy their first home can benefit from a new low deposit mortgage with The Cambridge which offers reduced monthly payments in the first year, giving them a helping hand when they need it the most.
The ‘stepped rate’ discount mortgage only requires a 5% deposit offers a free valuation and a low application fee. The three year mortgage product starts at a lower variable rate of 3.99% giving people reduced monthly payments at a time when they need the extra funds to decorate and furnish their home. The rate then moves to a variable rate of 4.89% in years two and three.
Whilst there has been a lot of recent media attention on the Governments Help to Buy scheme, The Cambridge Building Society has been helping first time buyers with low deposit mortgages at a time when traditionally many other lenders have not had this on offer for customers.
The Society is committed to helping people but their first home and alongside its low deposit mortgages holds regular First Time Buyer events which help people understand the house buying process.
Andy Lucas, Commercial Director at The Cambridge says: “First time buyers have always been important to The Cambridge and we have continued to develop products and services that help to meet their needs.
“This stepped rate product is great for those people who have a smaller deposit and would benefit from having smaller monthly repayments in the year. Buying a house isn’t just about the deposit – it is about the whole package and we have looked at each area to ensure that we provide an overall proposition for the customer.”
The Society also offers a two year fixed rate 95% mortgage product at 5.39% and a range of 90% LTV products for those people who have a slightly larger deposit.
The Society which has been helping people buy homes in the local area for 164 years takes a flexible approach to its mortgage lending, looking at each individual case on its own merit.
For more information, visit cambridgebs.co.uk.