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Mortgages

Mortgage payment difficulties due to Coronavirus

What is a payment holiday?

With a payment holiday you will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months.

However, it’s important to remember that you still owe that money and the interest on your mortgage still accrues during a payment holiday.

At the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest charges incurred and make up the deferred payments. We will have a range of options available to help you to do this.

How do ‘payment holidays’ work?

The mortgage repayment is deferred for a period. The monthly payment changes to zero, and interest accrues for the period. This may be particularly appropriate where there is a temporary shortfall of income.

However, this is not a solution where, because of a permanent reduction in income, a borrower is unable to afford anywhere near the full mortgage repayments and there is little prospect of an improvement in the situation in the foreseeable future.

Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.

Will I be eligible for a payment holiday?

To be eligible for a payment holiday you will need to be up to date on your mortgage payments.

If you are a Buy-to-Let landlord, it will be available if your tenants have lost income because of the impact of Coronavirus.

There a number of options available and payment holidays aren’t always the most suitable solution for everyone. By speaking to us, we can tailor the best option for you.

General mortgage questions

What is an Approved Solicitors Panel?

Our Approved Solicitors Panel is made up of a group of solicitors we've worked with before and trust to act on your behalf. Take a look through the pdf to find a solicitor near to you. 

If you choose to appoint a firm that is not on our panel, we will require our own partner Solicitor to act on our behalf. You will be responsible for our legal fees in addition to your own legal fees. 

What charges might I incur with my Cambridge Mortgage

There may be fees associated with your mortgage from getting it to changing or ending it. We want to make sure you understand the fees that may apply to you, so, we've worked with the Council of Mortgage Lenders and Which? to show these clearly, take a look at the pdf to see all our fees. 

My Solicitor isn't on your panel, can they join it?

Solicitors that are using Lender Exchange can join our panel. They'll need to log in at www.lenderexchange.co.uk and apply to join there. 

Solicitors not on Lender Exchange can call them on 0344 244 3784 to discuss the application process.

Can I view my mortgage account online?

You can view all your accounts with The Cambridge via our website or money app – it’s simple and secure. To get started, simply call us or pop into your nearest branch to request your User ID and we’ll talk you through the rest.

Where do you offer Residential mortgages?

Our mortgages are available on residential properties located in England and Wales.

Where do you offer Buy to Let mortgages?

We offer Buy to Let mortgages in England and Wales

Do you offer mortgages on holiday lets?

Yes, you can find our Holiday Let mortgages here

What age restrictions are there on mortgages from The Cambridge?

The minimum age is 21. There is no maximum age limit.

Can I get an Interest Only mortgage with The Cambridge?

Interest Only repayment options are available across our mortgage range on loans of up to £500,000 with a maximum loan to value of 70%. Interest Only mortgages are subject to criteria and the suitability of proposed repayment methods – talk to our team to find out more.

Mortgage Base Rate Change

I’ve got a fixed rate mortgage, what does this mean for me?

Your interest rate won’t change for the duration of your fixed rate term.

What is your Standard Variable Rate and what will it change to?

Our current Standard Variable Rate is 5.24%. 

When will you be changing your rates?

Rates for products which are linked to the Bank of England Base Rate will change within the 30 days following the announcement of a new base rate. 

When will you let me know what my new repayment amount will be?

You will receive a letter once our new rates are confirmed to advise you of your new minimum payment. 

I have a mortgage payment holiday arrangement in place – will this still stand?

If you have an agreed mortgage payment holiday in place this will continue and we’ll let you know of any changes to your repayments before your arrangement comes to an end.

I’ve recently applied for a mortgage with The Cambridge – will this affect my application?

It’s business as usual processing our mortgage applications. However, if the mortgage product you’ve applied for is linked to our Standard Variable Rate, we’ll write to you after completion to confirm your new rate and the amount you will repay each month.