The mutual said this would “provide new lending opportunities” as it now means it will lend up to 80% loan to value (LTV) for residential and buy-to-let purposes on high rises over eight storeys tall.
This criteria applies to properties built after January 2020.
The Cambridge Building Society said it recognised the increasing development of high-rise dwellings and modern building methods to improve safety standards, so the policy was removed to give brokers and their clients 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.”
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Earlier this year, The Cambridge removed application fees from all its mortgage products.
Cambridge Building Society mortgages are available on properties across England and Wales.
