Our FAQs

for borrowers

Mortgage payment difficulties due to Coronavirus

I’ve already restarted my mortgage payments, but have found myself in further difficulty. What should I do?

You can no longer take a further Mortgage Payment Deferral, but our team of experts are on hand to assess your individual needs and circumstances and discuss the different options we have to support you.

Speak with the team on 0345 601 3344 to arrange an appointment with one of our experts.

How will my credit file be impacted?

Any payment deferral that you’ve had under the temporary government guidelines will not be reported on your credit file if you were up to date with your payments when you took it out. This covers both the initial payment deferral of up to three months, and any extensions granted for up to a further three months. However, lenders may use information obtained from other sources, such as bank account information or information provided by you as part of the application process, in their lending decisions.

If you've reached the end of your maximum six months’ Mortgage Payment Deferral and you need support for longer, or you need support now that the deadline for applying for a mortgage payment deferral has passed, we’ll work with you to come to an arrangement to get you back on track, but any missed payments will report on your credit file.

What affect will my mortgage payment deferral have on my mortgage payments?

If you’d like an approximate indication of the impact your current mortgage payment deferral will have on your monthly payments, or if you’re considering extending your payment deferral, you may find the MoneySuperMarket 'Taking a Mortgage Payment Holiday' Calculator useful.

You’ll need to know your current mortgage payment, outstanding mortgage balance, repayment type and (for repayment mortgages) your remaining term.

If you have access to your accounts online or via The Cambridge Money App, you’ll be able to find your latest mortgage payment and outstanding balance there.

If you have your 2020 mortgage statement you’ll be able to see the repayment type and term that was remaining on your mortgage as at 31st December 2020. If you’ve made no changes to your term since then, you can use this to work out what your remaining term will be now.

If you don’t have access to any of this information, or if you have multiple parts to your mortgage, call the team on 0345 601 3344 and they’ll be able to help.

What happens at the end of my mortgage payment deferral?

At the end of the payment deferral we’ll recalculate your monthly payments over the remaining term of your mortgage. We’ll write to you to let you know your new monthly payments and to outline the other options available for you to repay the interest charges incurred and make up the deferred payments. We’ll have a range of options available to help you to do this:

  • Make a one off payment penalty free, to represent the shortfall amount. This will immediately lower the balance outstanding and the amount of interest charged. Your payments will then be recalculated on the reduced balance
  • Make an arrangement to repay the shortfall amount over a shorter period of time
  • Extend the mortgage term by the duration of the payment deferral agreement period. This option will increase the amount you pay back over the lifetime of your mortgage

If you’d like to opt for one of these alternative options you can complete and return the form that will be enclosed when we write to you at the end of your payment agreement. If you need to discuss these options in more detail, the letter will also tell you how you can book a telephone appointment with one of our experts.

What if I need support longer term or help to recover to my previous position after the payment deferral expires?

When we write to you at the end of your payment deferral agreement we’ll invite you to book an appointment with one of our experts if you’re still experiencing financial difficulty.

If you were already in arrears, or indicated to us at the time that you took your payment deferral agreement that you may need longer term support, we'll get in touch with you to assess your circumstances before the end of your payment deferral. This may include assessing income and expenditure, to come to an arrangement with you to enable recovery through the full repayment of the arrears.

If you're in financial difficulty; we'll come to an arrangement to recover you into a sustainable position on the mortgage. Any forbearance arrangements will aim to minimise the risk of possession but if a solution cannot be reached we may go to court and start proceedings to repossess your home.

You may find it helpful to take a look at our payment difficulties guide.

What if I need additional help managing my money and debts due to Coronavirus?

If you’re worried about other debts you should contact your other creditors to discuss your repayments. It’s important to pay essential expenses and priority debts before any discretionary expenses or non-priority debts, and you may find it useful to work out a budget.

Free impartial information and confidential debt advice is available. You may find it useful to visit the FCA’s information page ‘Dealing with financial difficulties during the coronavirus pandemic’ or the Money Advice Service coronavirus support page.

General mortgage questions

What is an Approved Solicitors Panel?

Our Approved Solicitors Panel is made up of a group of solicitors we've worked with before and trust to act on your behalf. Take a look through the pdf to find a solicitor near to you. 

If you choose to appoint a firm that is not on our panel, we will require our own partner Solicitor to act on our behalf. You will be responsible for our legal fees in addition to your own legal fees. 

What charges might I incur with my Cambridge Mortgage

There may be fees associated with your mortgage from getting it to changing or ending it. We want to make sure you understand the fees that may apply to you, so, we've worked with the Council of Mortgage Lenders and Which? to show these clearly, take a look at the pdf to see all our fees. 

My Solicitor isn't on your panel, can they join it?

Solicitors that are using Lender Exchange can join our panel. They'll need to log in at www.lenderexchange.co.uk and apply to join there. 

Solicitors not on Lender Exchange can call them on 0344 244 3784 to discuss the application process.

Can I view my mortgage account online?

You can view all your accounts with The Cambridge via our website or money app – it’s simple and secure. To get started, simply call us or pop into your nearest branch to request your User ID and we’ll talk you through the rest.

Where do you offer mortgages?

Our mortgages are available on properties located in England and Wales.

What age restrictions are there on mortgages from The Cambridge?

The minimum age required for a residential mortgage is 18 and 21 for a Buy to Let mortgage. There is no maximum age limit.

for savers

Savings

How is interest paid on Personal Accounts

Interest on Personal Accounts is paid at the gross rate with no tax deducted.

How is interest paid on Business Accounts

Interest will be paid at the gross rate. The receipt of interest gross by a company will not prevent that interest from being liable to corporation tax. For information regarding tax or how to make a self-assessment tax return, please contact HMRC.

What happens when savings interest rates increase?

When the interest rate on your savings account increases we will places notices in our branches, on our website and in two newspapers within three working days of the change, or we'll let you know within 30 days of the change by email, letter or another form of personal notice. 

What happens when savings interest rates decrease?

The interest rate for your savings account might decrease for a number of reasons, you might have a fixed term product that is coming to an end, your rate may be variable and therefore can change at any time or it may be linked to changes in the Bank of England Base Rate. 

When the interest rate on your savings account decreases we will tell you about the change, in writing, within 14 days of the change taking place. 

Take a look at our Terms and Conditions for Savers for a more detailed explanation.

If you'd like to speak to one of the team about your savings accounts live chat with us, or call on 0345 601 3344.

What is the interest on my Savings Account?

You can view the interest on your savings account at any time online once you've registered for our online services.

Alternatively take a look at this pdf to find out the interest rate for your variable savings account where the product is no longer available. 

If you're looking for the interest rate for a savings account that is currently available take a look at our savings products here.

I've lost my passbook or security information, what should I do?

Don't worry, we've a dedicated number for our customers who've lost their passbook or security information - simply call the team on 0800 587 5295.

Find out when and how to get in touch by checking our Contact us page.

How do I pay into my savings account?

You can simply set your Cambridge savings account up with your bank so you can transfer to your savings as and when you want, the details you’ll need are:  

  • Sort Code: 20-17-55
  • Account Number: 40338346
  • Reference: This is your 10 digit Cambridge Building Society account number. You must quote this as a reference to ensure the payment reaches the Account

You could also call the team on 0345 601 3344 – they’re able to take the payment over the phone if you’d prefer.

Online Services

Just call the team on 0345 601 3344 and we will verify your identity and reset your login details for you.

Secure messaging allows you to send us an instruction, e.g. request a new passbook for savers or reduce the amount you overpay each month for mortgage customers, instead of giving us a call or going to branch.

Security is at the heart of all our online services, including the money app. Each item is tested by independent experts to make sure you, your details and your money are safe.

No banking data is stored on your phone.

There are lots of things you can do to keep safe online;

- make sure that you regularly update the app when new versions become available

- don’t share your login details with anyone

- always logout when you've finished with the money app or your online services

For more hints and tips on staying safe online take a look at our security page

 

The Cambridge Money App

The money app is available to everyone who uses our online service for their mortgage or savings accounts or has e-Saver accounts.

If you have an iPhone you can download it from the App Store

If you have an Android you can download it from Google Play

Search for ‘Cambridge Building Society’, 'The Cambridge Building Society' or 'The Cambridge Money App' and you’ll see The Cambridge logo. Tap on the app and press get or install.

You’ll need to enter:

  1. Your User ID (the one you use to access your online service in a browser)
  2. Your password
  3. Three characters (from your memorable word)

You’ll then be asked to:

  • Set up a five digit passcode
  • Enable Touch or Face ID (optional and it is only available on iPhone)

You’ll need to register and log in to our online portal before you’re able to use the money app, call us today on 0345 601 3344 to get set up and running.

For our online and branch based savings accounts and our mortgage accounts you can: 

  • Check account balance
  • View Transactions
  • Change Personal Details
  • Send secure messages to The Cambridge
  • View mortgage statements generated by The Cambridge
  • Find your nearest branch
  • Find branch information 
  • Contact us
  • Personalise account names

Online savings accounts are also able to: 

  • Transfer money to external accounts
  • Transfer money to Cambridge accounts

Making payments

It’s important to include your 10 digit Cambridge account number in the payment reference field of any electronic payments made to your account whether that is for your Savings or Mortgage accounts. If this information isn’t quoted correctly, the funds will be returned to the sender.

We are required to provide a reference to customers making electronic payments, this is to allow tracking of the payment, should our customers need to. We are sending this reference to customers via email or text.

Confirmation of Payee is a new tool designed to stop payment fraud. It will allow you to check the name of the person holding the account against the sort code and account number - this will alert you to a number of options:

  • Match – the name and account details match – proceed with making your payment
  • Close match – the name and account details don’t quite match – this could be because of a slight difference in the name, double check the name before making the payment
  • No match – the name and account details do not match, if this happens you may have typed the details incorrectly - or someone may have given you different details to try and steal your money
  • Unavailable – this is where it isn’t possible to check whether the details match or not. This is what you’ll see when making payments into your accounts with The Cambridge.

If you're transferring money from your Savings to your current account (nominated account) or to payees you've set up, you will not see any changes.

However, if you're transferring money into your Savings or Mortgage accounts you might be asked to confirm the payee when doing this. 

Confirmation of Payee - a new tool to protect against fraud, is only available for accounts that have an individual account number and sort code. At The Cambridge we're don't offer banking services, so your savings account or mortgage account doesn't have it's own account number to transfer money in to.

Find out more about paying money into your accounts. 

When setting up a payment to The Cambridge you may see 'Unavailable' - but don't worry, this is because we're not part of the Confirmation of Payee initiative. Just double check you have entered the correct details which are listed below - and then proceed with your payment. 

  • Sort Code: 20-17-55
  • Account Number: 40338346
  • Reference: This is your 10 digit Cambridge Building Society account number. You must quote this as a reference to ensure the payment reaches the Account

Your Cambridge

Member FAQs

What makes me a member of The Cambridge?

You're a member of The Cambridge if you have a Personal Savings or Mortgage account with us.

Members with voting rights are the first named holder on a savings account with more than £100 in, or the first named on a mortgage account with a balance of more than £100.

What does it mean to be a member?

We're a mutual building society, this means that we're owned by our members. You have a say in what we do - your opinion matters to us. 

You can come along and meet the team behind The Cambridge, find out what we're up to and have your say at events like our Annual General Meeting. 

What makes a building society different?

Find out how and why building societies help to support their members.

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