Cambridge BS launches large loan mortgage up to £2m

The Cambridge Building Society is today launching a mortgage specifically aimed at those seeking a large loan size of between £500,000 and £2m.

The society says it will lend up to £750,000 of the loan on an interest-only basis.

The product is a five-year fix at 4.19% available up to 75% LTV with an arrangement fee of 0.2%, which has a minimum value of £2,000.

Carole Charter, marketing manager at the Cambridge, says: “Larger loans are not suitable for everyone but there are people out there who would benefit from this unique product.

“We have introduced several new products to our mortgage range over the past few weeks and we feel this new addition is a further improvement.

“The Cambridge is committed to offering a range of options for borrowers and the larger loan mortgage is a product that we feel we need to be able to offer our wealthier customers looking to purchase a house in this price range.”