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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.


© 2014 The Cambridge Building Society. The Cambridge Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number 157223 http://www.fca.org.uk). The Cambridge Building Society Registered Office: PO Box 232, 51 Newmarket Road, Cambridge, CB5 8FF. This site is intended for UK residents only. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security. Calls to The Cambridge Building Society’s 0345 numbers will be charged at local rate. Prices can be checked with your phone provider. Mobile calls usually cost more.