Cambs first-time deal 'will help whole homes market'
CAMBRIDGE Building Society has been praised for its efforts in helping first-time buyers onto the property ladder. The price comparison website www.moneyfacts.com singled out the company for its new fixed-rate mortgage that it believes will be popular wit
CAMBRIDGE Building Society has been praised for its efforts in helping first-time buyers onto the property ladder.
The price comparison website www.moneyfacts.com singled out the company for its new fixed-rate mortgage that it believes will be popular with new buyers.
It is hoped that helping first-time buyers into the market will stimulate activity at all levels by allowing other home-owners to trade up.
"By concentrating efforts on customers within the local lending area, Cambridge Building Society has been able to offer that most endangered species, the first time buyer a fantastic two-year fixed rate," said the website.
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"Fixed at 5.59 per cent and available up to 90 per cent loan-to-value, this is an extremely competitive product that outshines many of the national lenders' offerings."
The building society is also offering a free valuation on these products, and has reduced its arrangement fee from �999 to �499 for society members and their families through its family loyalty scheme.
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Andrew Ferguson, head of sales and marketing, said: "Helping first-time buyers is crucial if we are serious about stimulating the property market in a meaningful way.
"There has been a popular misconception that mortgages are available only to buyers with a hefty lump sum of around 25 per cent of the purchase price. This has acted as a brake and has kept first-time buyer activity subdued.
"However, with the fixed rate we have introduced, buyers can lock-in their monthly payments for two years with as little as 10 per cent of the purchase price.
"In addition to helping first-time buyers, we are also keen to support local people who are perhaps stuck on a variable rate deal and are concerned about future rate rises. In these cases we can offer our remortgage package up to 85 per cent loan-to-value on some of our products. This package includes free legal costs in addition to the free valuation."
The building society is poised to launch a high profile campaign highlighting its new range of fixed-rate deals, which will run through July and August.