The Cambridge Variable Mortgage

Interest Rates

Flexible Features

We know that circumstances can change from time to time, that's why our Cambridge Variable Mortgage comes with a range of flexible features as standard. So, whatever your needs, you now have more control over your payments in the long-term.

Overpayments

• Any extra monthly payments, or lump sum payments, you wish to make will be classed as overpayments and can be paid by standing order, cash, cheque or transfer. Debit card payments can also be made over the phone or in branch. When you make an overpayment your account is credited for the sum received, and your balance adjusted. Your overpayments can be used simply to reduce the balance of your account and help to repay your loan off early. Alternatively, you can use your overpayments at a later date to fund a payment holiday or you can request an overpayment refund.

By making overpayments on your mortgage you can benefit in a number of ways

• Any overpayment you make will be deducted from your balance on the same day and your interest adjusted – allowing you to benefit immediately.
• By making extra payments to reduce your balance, the daily interest charged to the loan will also reduce, which will mean that you can repay the loan more quickly.
• Alternatively, you can let your overpayments build up and request a refund at a later date.
• Or you can use your overpayments to fund a payment holiday in the future – just when you need it.

Payment holidays 

• You may request a payment holiday after your account has been in operation for at least six months and your overpayments accumulated exceed at least one month’s monthly payment. We may refuse your request if the account has, at any time, fallen into arrears.
• During the payment holiday we will continue to charge interest to your account. Your overpayments will be used to maintain the monthly payment that you would normally pay. Your payment holiday cannot exceed the total overpayments you have accumulated. If your overpayment balance allows, you can take a payment holiday for up to 12 months. After your payment holiday, you must continue to make at least six normal monthly payments before another payment holiday request can be agreed. All payment holidays must be agreed in advance and your request must be in writing. It normally takes us 14 days to arrange. At the end of your payment holiday, we will recalculate your monthly payment.

Refunds

• You can request a refund of part or all of the overpayments built up on your account. You must put your request in writing. We can usually arrange this for you within 14 days from your request. We may refuse your request if you have failed to pay your monthly payment. When we have refunded overpayments, we will adjust your account balance and recalculate your monthly payment.

• You will need to pay a £999 application fee (for new loans and additional borrowing of £50,000 and over) – this includes £199 which is payable at the time of application and is non-refundable. The remaining £800 can be paid upfront or added to the loan*.
• Additional borrowing application fee £299 (for loans under £50,000) – this includes £99 which is payable at the time of application and is non-refundable. The remaining £200 can be paid upfront or added to the loan*.
• You will need to pay the property valuation fee for mortgage purposes, see our Mortgage Tariff of Charges page for more details. The fee is payable at the time of application and is non-refundable.
• For remortgages we pay the standard valuation fee.
• For remortgages we will also pay the standard legal fees for switching your loan, using our panel solicitor. If any additional legal work is required that is not normally associated with a remortgage, such as rectifying title defects, transfers of equity or other legal matters, the solicitor will advise you of the cost and you will be responsible for any fees incurred.
• No higher lending charge

* If you borrow over 75% of the property's value, you can add the remaining fee to the loan subject to the overall loan amount remaining within the specified percentage of the property's value. If added to the loan, we will charge interest on the fee during the term of the loan.

Early Repayment Charges

• We do not charge a penalty if you switch your loan to another lender, a different mortgage deal with us, make extra payments or repay it in full.
• If you move house, you may transfer the balance of the Cambridge Variable Mortgage to your next home, without penalty.

Apply Now

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Phone

Call our Customer Contact Centre on

0845 601 3344

Mon-Fri: 8.30am - 8.30pm
Sat: 9.00am - 6.00pm
Sun: 11.00am - 5.00pm

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Email

enquiry@cambridgebs.co.uk

Eligibility

Our mortgages are available on residential properties located in the following counties:

• Bedfordshire
• Buckinghamshire
• Cambridgeshire
• Essex
• Hertfordshire
• Norfolk
• Northamptonshire
• Suffolk

If you are an existing borrower moving away from the East Anglia region, we can still help you buy your new home anywhere in England and Wales.

These mortgages are available for new home purchase loans, remortgages and additional borrowing.

All mortgages subject to security and status.