Cambridge Building Society has updated its criteria and removed the maximum height limit on new build blocks of flats to provide new lending opportunities for brokers and members.
The change means The Cambridge now offers 80% LTV for residential and buy-to-let lending on high-rise residences over eight storeys high providing they were built after January 2020.
The Society recognises the increasing construction of high-rise dwellings and modern building methods to improve safety standards, and so the new policy removes the previous cap of eight-storey buildings to give borrowers and brokers more options.
Duncan Turner, business development manager at The Cambridge, said: “In larger cities and growing communities, high rise residential properties are helping to address the UK’s housing needs.
“By changing our criteria and removing the cap on the height of new-build blocks of flats, we are providing more choice and flexibility to our brokers and to our members to help more people have a home.”
Earlier this year, The Cambridge removed application fees from all its mortgage products.
