Relax knowing how much you'll pay for 5 years
Fees
Based on the information you've provided the fees you would have to pay are:
£ application fee
which is payable at the time of application and is non-refundable
There are no completion fees to pay
£ product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
£ Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
A valuation isn't normally required for a product switch.
If you want to do more than a product switch, like change your LTV it might be best to have a new valuation, take a look at our guide for more information.
When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out with us.If substantial changes have been made to your property you may require a full standard valuation, take a look at our guide for more information.
We will pay for a standard valuation. There are other types of valuations available, for more information on these, why we need a valuation and what we use it for take a look at our guide
£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable. For more information about the different types of valuations and surveys, why we need it and what we use it for take a look at our guide
Early repayment charges
These are the charges that will apply to your mortgage if you want to overpay or repay early.
Can I make overpayments?
While in your fixed rate term you can make overpayments of up to 10% of your mortgage balance during every 12 month period without having to pay an early repayment charge.
This 10% overpayment allowance is calculated using the balance of your mortgage at the time it completes. Each 12 month period starts on the anniversary of your mortgage completing.
If you choose a new mortgage deal with us at any point we’ll use this balance and date to calculate your overpayment allowance.
Any amount repaid over 10% of your mortgage completion date balance will incur an early repayment charge equal to:
- 5% of the excess overpayment in year one
- 4% of the excess overpayment in year two
- 3% of the excess overpayment in year three
- 2% of the excess overpayment in year four
- 1% of the excess overpayment in year five
What if I want to repay early?
If you switch your loan to another lender, a different mortgage deal with us, or repay it in full before the end of the fixed rate term, you’ll have to pay an early repayment charge equal to:
- 5% of the outstanding balance in year one
- 4% of the outstanding balance in year two
- 3% of the outstanding balance in year three
- 2% of the outstanding balance in year four
- 1% of the outstanding balance in year five
What if I want to move home?
If you move house during the fixed rate term you may transfer the balance and remaining term of the Fixed Rate Mortgage to your next home, without penalty. These requests will be subject to our underwriting criteria.
What happens at the end of my fixed rate deal?
At the end of the fixed rate term, your mortgage will revert to our Cambridge Variable Mortgage and you’ll pay our Standard Variable Rate for the remainder of the mortgage term. From this point you’ll be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your fixed rate comes to an end to provide you with details of our Cambridge Variable Mortgage.
Eligibility
This mortgage is available for First Time Buyers only, with a minimum purchase price of £100,000.
Before we agree your mortgage we’ll need to establish that you can afford to meet the monthly payment.
This mortgage is available on residential properties located in England and Wales for Purchase.
If you're an existing First Step mortgage customer moving house, please speak to your Mortgage Adviser for more information.
Features
- Gifted deposits accepted
- New Build houses accepted
- You might be eligible to borrow up to 5.5× your annual income, depending on your circumstances
- Self-employed income accepted (subject to standard criteria)
- No guarantors required
Further information about our First Step mortgage can be provided by your Mortgage Adviser, you can book an appointment below.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
What‘s next?
You can book an appointment with one of our mortgage advisers, or if you‘ve just got some initial questions you can request a call back from our contact centre team.
We will only use the information you have provided for the purpose of your mortgage enquiry.