The Cambridge Building Society has updated its criteria and removed the maximum height limit on newbuild blocks of flats to provide new-lending opportunities for brokers and members.
The change means The Cambridge now offers 80% loan-to-value (LTV) for residential and buy-to-let lending on high-rise residences over eight storeys high providing they were built after January 2020.
The society said it recognises the increasing construction of high-rise dwellings and modern building methods to improve safety standards, and so the new policy removes the previous cap of eight-storey buildings to give borrowers and brokers 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.”
