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Cambridge Building Society restricts lending to maintain service

Cambridge

The Cambridge Building Society has temporarily restricted its whole mortgage range to just 21 brokerages to manage its service levels.

The lender says it will reopen its product range to the whole of the broker market later in the year.

It has a range of fixed, variable and buy-to-let mortgages and will lend at up to 95 per cent loan to value.

Cambridge Building Society commercial director Andy Lucas says: “The Cambridge has had a really positive start to the year and, with great support from brokers, our mortgage volumes are ahead of pre-set targets.

“To ensure we manage our growth in line with our sales and service goals, we have decided to temporarily restrict the mortgage range availability to our Cambridge Select group of brokers. 

“We are planning to extend back into the wider broker market later in the year.”

In 2012, the regional lender advanced £220m to borrowers, up 52 per cent on the £144.5m advanced to borrowers the year before.

Trinity Financial product and communications manager Aaron Strutt says: “While it is expected that some of the smaller lenders will be restricting their lending operations due to overrun business support teams and infrastructure, this will still be seen as an encouraging move for the Cambridge as it looks to build on a strong start to 2013.”

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