The two-year mortgage products will be available at 80 per cent loan to value (LTV) at 3.39 per cent and 85 per cent LTV at 3.89 per cent. Both come with a non-refundable £199 application fee and a £700 completion fee which can be added to the overall loan. These mortgages are available up to a maximum loan of £250,000 for clients wishing to purchase or remortgage in Cambridgeshire, Norfolk, Suffolk, Essex, Hertfordshire, Buckinghamshire, Bedfordshire and Northamptonshire. Additionally, remortgage clients will also benefit from having a free remortgage service, including a free standard valuation and free legal services.
Robert McCoy, senior product and communications manager for mortgages at Sesame Bankhall Group, commented:
With the market speculating the base rate will not rise for the foreseeable future, now is a good time to launch these tracker deals. The Cambridge normally only offers fixed products, or those which are discounted from its standard variable rate and so we look forward to developing our relationship with The Cambridge with these exclusive mortgages.
Tracy Simpson, mortgage and intermediary sales manager at The Cambridge Building Society added:
Listening to what intermediaries want is important and in this case, appointed representatives of Sesame network and members of PMS have shown an interest in higher LTV tracker products. We are pleased to be able to fill this gap and offer these competitive products across the wider East Anglia area.