The Cambridge launches groundbreaking 'Easy Start' Mortgage
The Cambridge Building Society has today announced a welcome solution in support of first-time buyers with the launch of an innovative new mortgage product – Cambridge Easy Start.
Offering first-time buyers a 95% LTV proposition, the Cambridge Easy Start mortgage also supports new homeowners with a lower interest rate in the first year as part of a five year fixed rate term and a low application fee of £599.
The 5% initial deposit requirement and lower interest rate in the first year means this new and unique scheme minimises arguably the two biggest barriers for first-time buyers – raising the required deposit and long term financial security against future rising interest rates.
| Interest rate | |
| Year 1 | 5.29% |
| Years 2 – 5 | 6.49% |
| Remaining Term (SVR) | 4.59% |
Mark Smitheringale, Head of Sales & Marketing says, “As an innovative building society in the ascendancy, The Cambridge is totally committed to supporting the home ownership aspirations of first-time buyers across our wider East Anglia lending area and this exciting new proposition eases new borrowers into the commitment of owning their first home, with a reduced interest rate and only a 5% deposit requirement.
“This is a genuine interest rate ‘giveaway’ rather than a deferment of interest to be repaid over future years.
“It also comes with the security of a long term fixed rate which will protect new homeowners when the inevitable increase in interest rates begins.”
David Hollingworth of London & Country mortgage brokers says, “Mortgages to 95% of the purchase price are few and far between so this launch will be welcomed by first time buyers. Borrowers will be eased into their mortgage deal with a lower rate initially although they do need to prepare for their rate increasing in the second year.”
For more information, interviews and images, please contact Suzanne Hazell, PR Officer at The Cambridge Building Society on shazell@cambridgebs.co.uk or on 01223727653.
