Cambridge & Counties unveils property investment loan

Published on

Cambridge & Counties Bank is to offer loans to experienced residential property investors.

The new Cambridge & Counties Residential Investment Loan will have rates starting from 4.50% (plus Bank of England Base Rate) and will be a secured long-term lending product of up to 25 years.

The minimum term is three years.

The bank will lend up to 70% of the lower of either the market value or purchase price of the property. The loan is available for property investment via purchase and/or refinance.

Repayment of interest will be monthly, with capital repayments of equal monthly amounts via Direct Debit throughout the life of the loan, except where interest only facilities are allowed. Interest only loans will be available for periods of up to 10 years and are capped at an LTV of 70%.

Gary Wilkinson, chief executive, Cambridge & Counties Bank, said: “We have enjoyed a successful launch, and entering the residential lending market is the latest example of our continued growth.

“Not only does this proposition support businesses looking to invest in property, thereby benefiting business development and growth within the economy, it will also help bring more housing onto the market and aid the current housing shortage. There is a lot of competition in this sector, but by offering a competitive rate, coupled with our commitment to providing a quality service, we are confident our proposition will be well received.”

The Cambridge & Counties Residential Investment Loan will be distributed through its business development managers covering Leicester, Northamptonshire and Cambridgeshire, and nationally through its broker network.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...