The Cambridge has removed application fees from all its mortgage products to “make the process easier for customers and brokers”.
The lender previously had a non-refundable upfront application fee of £199, which has been removed from all residential and buy-to-let (BTL) products.
Products are still subject to a completion fee to “streamline the process for our customers and brokers”.
Borrowers can either pay the fee on completion or add it to the loan.
The change to the fee structure will be effective immediately.
The Cambridge has also increased the maximum loan size across all standard BTL, expat and holiday let products from £750,000 to £1m to give customers greater choice.
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Dan Barker, The Cambridge’s product and propositions manager, said: “We have been reviewing our fees and listening to feedback from intermediaries. Removing the upfront application fees should make things smoother and easier for both our customers and intermediaries placing cases with The Cambridge.”
The Cambridge recently increased the maximum loan to value (LTV) for foreign nationals by up to 90%, to meet demand for skilled professionals such as doctors, nurses, teachers, civil engineers, programmers, and care workers.
