Cambridge BS to lend at five times income

Cambridge Building Society is now accepting residential lending applications from borrowers looking to borrow five times their income.

Related topics:  Mortgages
Rozi Jones
15th February 2018
calculator rates mortgage house
"Their often higher income combined with previous experience of running a home and maintaining a mortgage means we can be more flexible with how much we can lend to them."

Cambridge advance up to five times income up to 80% LTV for borrowers who have a mininum income of £60,000 and have no unsecured debt except student and car loans.

Although valid across all purchase products, Cambridge says it will particularly support those wishing to move up the housing ladder.

Tracy Simpson, Head of Lending at The Cambridge, commented:

“We recognise the challenges homebuyers looking to move up the housing ladder are facing and have been looking at ways to help them. Their needs are different to those of first-time buyers and their often higher income combined with previous experience of running a home and maintaining a mortgage means we can be more flexible with how much we can lend to them.

“House price growth in our core lending area of the East of England remains strong and family homes in particular command a premium. Our flexible underwriting approach alongside changes such as this one announced today gives intermediaries and their clients another reason to consider us. We’re constantly looking at ways to improve what we can offer and my team are ready to discuss cases and take feedback.”

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