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 for brokers and members.

The change means The Cambridge now offers 80% loan-to-value (LTV) for residential and buy-to-let (BTL) lending on high-rise residences over eight storeys high providing they were built after January 2020.

The new policy removes the previous cap of eight-storey buildings to give borrowers and brokers more options.

The Cambridge business development manager Duncan Turner says: “In larger cities and growing communities, high rise residential properties are helping to address the UK’s housing needs.”

“By changing our criteria and removing the cap on the height of new-build blocks of flats, we are providing more choice and flexibility to our brokers and to our members to help more people have a home.”

Earlier this year, The Cambridge removed application fees from all its mortgage products to make it easier for members and brokers.