Cambrigde Building Society removes maximum height limit on new-build blocks of flats
The Cambridge Building Society has updated its criteria and removed the maximum height limit on new-build blocks of flats to provide new lending opportunities.
The change means the lender now offers 20% deposit residential and buy-to-let lending on high-rise residences over eight storeys high, providing they were built after January 2020.
The Society 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.
Aaron Strutt, product director at Trinity Financial, says: "There are so many high-rise blocks being built, but some of the mortgage lenders are not keen on them. For a mortgage lender to offer the most competitively priced rates for a high-rise property, it typically needs to have a lift, be in good condition, and probably be in a nice area.
"Our brokers have got mortgages agreed recently for clients buying in Canary Wharf, Vauxhall and Stratford. Often the valuer's comments are important, and if they don't like the property, the application won't be agreed."
Which other lenders offer high-rise flat mortgages?
|
Lender |
Number of floors |
Notes |
|
Accord for Intermediaries |
No maximum number but over four floor lift access required. |
High-quality flats may be exempt from this rule. |
|
Barclays for Intermediaries |
Properties in a high-rise block/with deck area access can only be considered for good quality developments with no restriction whatsoever on mortgageability/saleability. |
Ex-local authority high-rise flats over seven storeys will be declined. |
|
The Co-operative Bank |
Flats in a block of no greater than 10 floors are acceptable or 15 in Central London. |
Subject to the valuer's comments. |
|
Coventry for Intermediaries |
Max 10 and must have a lift over five floors. |
Subject to the valuer's comments. |
|
Halifax |
No maximum. |
Each application will be assessed on its own merits. |
|
HSBC |
No maximum. |
If over four storeys, there must be a lift. |
|
NatWest for Intermediaries |
No maximum. |
Subject to the valuer's comments. |
At Trinity Financial, we’re committed to helping more people achieve their home ownership goals. These updates are part of our ongoing effort to provide flexible, customer-focused lending solutions.
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