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Cumberland Building Society
The Cumberland Building Society was founded in 1850 and has its headquarters in Carlisle, England. It offers a range of financial services, including: savings, mortgages, investments, loans, credit cards, and insurance.
If you are looking for a mortgage, Cumberland offers several types. The cash-back mortgage has three variants. You can borrow up to 90 or 95% of the value of your home, receiving up to 6% back. This can be helpful at the beginning, when you have moving and/or fixing up costs. These loans allow you to over-pay; however, there is an early repayment charge. Your interest will be calculated daily, you will not have to take out insurance with Cumberland, and you will get three months of free mortgage payment protection.
The Cumberland Building Society offers two short-term discount mortgages. This means that for the first three years of your loan’s life, you will have a guaranteed discount off of the society’s variable mortgage rate. Afterwards, your interest rate will track the variable amount. Only one option charges an arrangement fee, and both have early repayment penalties. They also have two long-term discount mortgages. With either of these, a variable interest rate minus a certain percentage will apply for six years, after which you will pay the variable rate with no discount. One option applies an early repayment fee, whilst the other does not.
In addition, Cumberland has flexible, offset, two-year, three-year, and five-year term fixed rates.
So, if you are in the market for banking products, a mortgage, or insurance, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.
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TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
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