The Cambridge Building Society has strengthened support for all residential mortgage borrowers by introducing enhanced stress rates that will allow eligible customers to borrow up to an additional £33,000.
These improvements apply across the society’s full residential mortgage range, including first-fime buyers who often face affordability challenges.
The Cambridge has updated its residential affordability assessment with the introduction of an enhanced stress test following clarification from the Financial Conduct Authority (FCA) on how lenders may apply affordability stress rates.
Kathy Bowes, intermediary manager, at The Cambridge, said: “Affordability remains a significant challenge for many, and these improvements demonstrate our committed to help customers achieve their goals.
“These changes ensure we can still offer responsible levels of borrowing while continuing to provide the personalised support our members expect from The Cambridge.”
