20 April 2022

Cambridge takes a sensible punt on BTL

By Cambridge Building Society

Mention Cambridge and thoughts inevitably turn to the city’s ancient university buildings, punting on the River Cam and students on bicycles.

But it is so much more than that. It is also a thriving science and research hub and technology centre, which are among the reasons the city attracts a broad range of residents and is now one of the most expensive places in the country to live.

The Cambridge Building Society was founded in 1850 to help local people purchase homes, and The Society still sees supporting the local community as its core purpose.

“We offer ranges of mortgages for both residential and Buy to Let markets, which has always been a strong sector for us,” said Product Manager, Dan Barker.

“The BLT market offered small investors attractive returns while other investment vehicles were languishing in years past, so we were happy to lend, albeit in controlled volumes.”

The Cambridge doesn’t currently lend to portfolio landlords (those with more than three properties) but does have a healthy BTL product range that also includes expatriate and holiday let landlords, including Airbnb.

The Society has 13 branches and stores within a 25-mile radius of its Cambridge heartland but expanded across English and Wales in 2019 and attracts new business through intermediary networks and clubs, as well as its direct channels.

The mutual offers top slicing, recently increased its maximum LTV to 80%, and also offers a ‘credit assist’ product for BTL customers with minor credit issues, as well as lending to expat landlords living and working anywhere in the world, other than sanctioned countries.

“We consider every application on a case-by-case basis, which means we can be pretty flexible with lending requests,” said Dan.

“We remain true to the purpose for which The Cambridge was founded more than 170 years ago and we are confident that our BTL range of mortgages live up to that ethos.”


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