The Cambridge Building Society has expanded its reach beyond the region after securing a deal with the Legal & General Mortgage Club.
It will now offer its buy-to-let (BTL) range of mortgages to landlords across England and Wales.
Alongside intermediaries who belong to the L&G Mortgage Club, The Cambridge will also accept cases from borrowers coming directly, via its eight-strong team of mortgage advisers who will conduct interviews over the telephone, and Cambridge Select, its intermediary loyalty club.
Tracy Simpson, head of lending at The Cambridge said the society is in a great position as it has been investing heavily in IT infrastructure, processes and staff needed to support higher levels of lending since 2015.
"This announcement is all part of growing our mortgage book by capitalising on this investment," she said.
"We’re very conscious that intermediaries and partners value a high level of service and a considered, personal approach to underwriting so by working with Legal & General Mortgage Club we know we can offer a strong proposition to more landlords whilst maintaining these standards.
“Recent improvements to our BTL lending criteria and a comprehensive range of products, demonstrate we’re committed to the private rental market and helping people have a home.”
Ray Boulger, senior mortgage technical manager at John Charcol, welcomed the move.
He said: “Prior to this deal, Cambridge Building Society have operated in a limited geographical area, which means the applications they could accept were limited.
"As BTL purchases have been on the decline, it is important that lenders look at new ways to widen their distributional reach, and Cambridge Building Society has done this by opening up to England and Wales.
"Using L&G is a great move, as it also reduces Cambridge’s risk because their lending is now not concentrated to a limited area.”
