Definition of family members expanded for gifted deposits
Cambridge Building Society has improved its lending criteria, making it easier for people to purchase new and resale houses and flats.
Buyers hoping to purchase new build properties – registered within the last two years – now only need a 5% deposit for a house, and 15% deposit for a flat, including studio flats larger than 35 square metres.
The building society has also expanded the definition of family members it can accept gifted deposits from. This group now includes step-parents, half-siblings, step-grandparents, aunts, uncles, nieces and nephews, step-children, adopted children, spouses and civil partners, as well as closer family members, such as parents, grandparents and siblings.
Tracy Simpson, head of lending at Cambridge Building Society, said that the redefinition of family members took into account the changes in the notion of family and close family relationships.
“We feel that these changes to our lending criteria better reflect the needs of our customers, and will make it possible for more people to access lending, especially given the current challenges most households face at this time,” Simpson said.
Other changes to Cambridge’s lending criteria include an increase in the interest-only mortgage age from 75 to 80, and maximum loan amount from £500,000 to £750,000, together with the relaunch of a buy-to-let expat range.
