First Time Buyers supported by launch of low deposit mortgages
5 May 2021 • Products & Services
The Cambridge Building Society launched low deposit mortgage products today to support the growing demand from First Time Buyers who’ve saved a 5% deposit.
The average cost of a first home in Cambridge is £333,000 this means first time buyers choosing a low deposit mortgage would need £16,650, far more attainable when compared with a 10% deposit at £33,300.
Saving a large enough deposit has been a significant barrier for First Time Buyers in recent years, however the pandemic has brought with it the opportunity for people to save. Reports suggest that without the costs of commuting and socialising people have saved on average an extra £14,000. A low deposit mortgage coupled with their ability to save could see 2021 being the year many buyers step into their first home.
Matt Barber, Mortgage Manager at The Cambridge comments “We’ve been able to support a large number of customers over the last 12 months, but we know the low deposit options have been limited. We’re excited to be offering even more choice and making home ownership more attainable.”
Harry Chennells, senior negotiator at Cheffins in Cambridge says: “We’ve seen enquiries from First Time Buyers in the Cambridge area increase by around 50% since the launch of the Government’s 95% mortgage scheme. This is a great move from The Cambridge and we too look forward to helping local First Time Buyers achieve their home-buying dreams this year.”
The enhanced low deposit products from The Cambridge complement their 90% LTV range launched six months ago and are built to help First Time Buyers and those seeking to move home with smaller deposits. Take a look at our range of mortgage products for more information.
Book an appointment with one of the Cambridge Team today to discuss your Mortgage needs.