We’ve relaunched unique 2% deposit mortgage

26 April 2022 • Community • Products & Services

We’ve relaunched our 2% deposit First Step Mortgage range to help first time buyers purchase their first home.

We’re confident it’s the only product of its kind on the market.

We initially launched First Step in 2018, as part of our ‘Making The Difference’ initiative, with the aim of helping existing members of modest means in our local area get onto the housing ladder.

We withdrew the product, alongside all higher LTV mortgages, when the COVID lockdown was announced two years ago, due to the uncertainty of house prices and the hit to the wider economy as a result of the pandemic.

Chief Commercial Officer, Carole Charter, said: “We are delighted to at last be able to relaunch our First Step Mortgage range.

“We take our commitment to the community very seriously and know that without our help many people would struggle to have the home they need.

“Saving for a deposit of thousands of pounds is difficult, especially in and around Cambridge, which is one of the UK’s most expensive areas. We see it as our duty as an independent mutual to make it easier for people to take that first step on the property ladder.”

The First Step Mortgage range allows customers to buy a home with only a 2% deposit, at rates aligned with the Society’s 5% deposit range, which means the additional benefit is not at the cost of a higher interest rate. The products also feature a low fee of £199 and a free valuation.

The range is available to direct applicants looking to buy a property within 15 miles of The Cambridge’s 13-strong branch network, and through a limited number of mortgage intermediaries.

Take a look at our range of mortgage products for more information.

Book an appointment with one of the team today to discuss your mortgage needs.