Cambridge mortgage range

Type: Enhanced range.

Description: The Cambridge Building Society has refreshed its mortgage range to streamline and enhance its product offering.

The proposition has been designed for intermediaries looking to do business in the wider East Anglia area.

Changes include reduced application fees to £999 on fixed-rate deals and 90 per cent loan-to-value offerings across the whole fixed residential product range. The society has cut the five-year fixed-product rates to 3.69 per cent from 3.79 per cent.

Fee-free mortgage products previously available at 4.79 per cent have been lowered to 3.89 per cent.

A new three-year base rate tracker mortgage has been offered at 95 per cent LTV.

Conditions: Each case will be assessed individually as opposed to credit scoring. The society will lend up to 95 per cent LTV with no guarantor requirements. All residential remortgage products come with free standard legal fees and a free standard valuation.

Contact: www.cambridgebs.co.uk/intermediaries

Verdict: David Clay, IFA for Hudson Green & Associates, said: “The rates are competitive but they are not market leading. The fees have been reduced to £999 which is fairly standard. The 95 per cent mortgage stands out a bit because there are not many of those about. But the lending criteria of property value £120,000 and above, plus 3.25 times income, means it will not offer first-time buyers much.”

two stars