The Cambridge increases its loan to values for flats and houses
March 29, 2022
The Cambridge Building Society has improved its lending criteria to make it easier for people to purchase new and resale houses and flats.
Purchasers hoping to buy new build properties (registered within the last two years) now only need a five per cent deposit for a house, and 15 per cent deposit for a flat, including studio flats larger than 35 square metres.
The Society has also expanded the definition of family members it can accept gifted deposits from. This group now includes, step-parents, half-siblings, step-grandparents, aunts, uncles, nieces and nephews, step children, adopted children, spouses and civil partners, as well as closer family members, such as parents, grandparents and siblings.
Head of Lending, Tracy Simpson, said: “We wanted to extend our lending criteria to make it easier for people to purchase the homes they want and need.
“We also recognise that the notion of family has changed and that close family relationships take many forms, which are reflected in our redefined family members from whom we will accept gift deposits.
“We feel that these changes to our lending criteria better reflect the needs of our customers, and will make it possible for more people to access lending, especially given the current challenges most households face at this time.”
Other changes to The Cambridge’s lending criteria include an increase in the interest-only mortgage age from 75 to 80 and maximum loan amount from £500,000 to £750,000, together with the relaunch of a Buy to Let ex-pat range.