Loans are being offered to residential property investors who can demonstrate knowledge and experience in the market.
Cambridge & Counties Banks, which launched in June this year, will lend up to 70 per cent of either the market value or purchase price of the property, available for property investment via purchase and/or refinance.
Rates will start at 4.5 per cent and 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 per cent.
Gary Wilkinson, Chief Executive, Cambridge & Counties 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.”
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