The Cambridge Building Society has increased the loan to value (LTV) available for new builds and flats, and expanded the list of eligible family members it can accept gifted deposits from.
Those looking to purchase new build houses can now access up to 95 per cent LTV, whilst those buying flats can get loans up to 85 per cent LTV.
New build properties have to be registered in the last two years to be accepted, and flat criteria includes studio flats over 35 square metres.
The mutual has also grown the list of family members it will accept gifted deposits from.
Step-parents, half-siblings, step-grandparents, aunts, uncles, nieces and nephews, step children, adopted children, spouses and civil partners, as well as closer family members, such as parents, grandparents and siblings are now all accepted gifted deposit providers.
Cambridge Building Society’s head of lending, Tracy Simpson (pictured), said it wanted to extend its lending criteria so it was easier for people to “purchase the homes they want and need”.
She added: “We also recognise that the notion of family has changed and that close family relationships take many forms, which are reflected in our redefined family members from whom we will accept gift deposits.
“We feel that these changes to our lending criteria better reflect the needs of our customers, and will make it possible for more people to access lending, especially given the current challenges most households face at this time.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
