The ‘stepped rate’ discount mortgage only requires a 5% deposit offers a free valuation and a low application fee. The three year mortgage product starts at a lower variable rate of 3.99% giving people reduced monthly payments at a time when they need the extra funds to decorate and furnish their home. The rate then moves to a variable rate of 4.89% in years two and three.
Whilst there has been a lot of recent media attention on the Governments Help to Buy scheme, The Cambridge Building Society has been helping first time buyers with low deposit mortgages at a time when traditionally many other lenders have not had this on offer for customers.
The Society is committed to helping people but their first home and alongside its low deposit mortgages holds regular First Time Buyer events which help people understand the house buying process.
Andy Lucas, Commercial Director at The Cambridge says:
“First time buyers have always been important to The Cambridge and we have continued to develop products and services that help to meet their needs.
“This stepped rate product is great for those people who have a smaller deposit and would benefit from having smaller monthly repayments in the year. Buying a house isn’t just about the deposit – it is about the whole package and we have looked at each area to ensure that we provide an overall proposition for the customer.”
