The Cambridge Building Society has secured a unique investment of £15m from the Cambridgeshire County Council Pension Fund to help more people buy homes in the area.
The deal is the first of its type in the UK, and the Cambridge says it will let 1,000 more homeowners buy homes in the next two years.
Cambridge BS will issue shares to the fund, giving it cash to lend more to homeowners, develop new products and generally improve its business.
The deal will boost the lender’s capital by 25 per cent.
Cambridge Building Society chief executive Stephen Mitcham says: “This partnership marks the start of an exciting new era in the society’s long history and will provide a bright and sustainable future for all existing and future members.”
Cambridgeshire County Council Pension Scheme councillor Roger Hickford says “We applaud the Cambridge on this innovative share issue which will provide a stable and attractive investment return for our pension fund members.”