Cumberland Building Society Mortgages

Compare Cumberland BS Mortgages. Cumberland Building Society is based in Carlisle and mainly operates in Cumbria, West Northumberland, North Lancashire and South-West Scotland. They offer mortgages for first time buyers, existing homeowners, customer who want to unlock extra money from their homes and buy to let landlords.

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Compare Cumberland Building Society Mortgages

Cumberland Building Society’s mortgages are designed to meet the needs of many different types of borrowers. Which will work best for you will depend on what you need the money for and your own financial circumstances.

First Time Buyer mortgage

Raising a deposit is often difficult for first time buyers, making it tough to get onto the property ladder. Cumberland Building Society offer mortgages of up to 85% of a property’s value as well as discounted rates on some of their mortgages, helping to make things a little easier for first time buyers.

Buy to Let mortgage

Cumberland Building Society offer two types of buy to let mortgages. These are aimed at both professional landlords (those with 4 or more buy to let properties) and non-professional landlords (with 3 or fewer buy to lets). They offer mortgages of up to 60% of a property’s value to non-professional landlords and more bespoke deals for professional landlords.

Remortgaging with Cumberland Building Society

Thinking of moving your mortgage to Cumberland? You may be able to get a better deal or borrow more by remortgaging, allowing you to reduce your monthly repayments or end up with a lump sum left over once your old mortgage is paid off.

Second charge mortgage

If you need to raise extra funds, for example for home improvements, remortgaging isn’t your only option.

If you have a good deal on your current mortgage, it can be cheaper to take out a second secured loan, separate to your existing borrowing. This is commonly called a second charge mortgage and can allow you to take your borrowing up to as much as 90% of your home’s value.

Loan to value ratio

Curious how much you might be able to borrow? One of the determining factors is likely to be your loan to value (LTV) ratio.

This shows what percentage of your property’s market value you are aiming to borrow.

So, if you need a mortgage on a house worth £100,000 and want to borrow £50,000, your LTV would be 50%.

Increase your borrowing by another £25,000 with a second charge mortgage or through remortgaging and your LTV will increase to 75%.

Most lenders will be inclined to offer you lower interest rates on mortgages with a lower LTV.

Find the best deals on mortgage rates

Many borrowers struggle to know whether they are getting a good deal on their mortgage. With so many different products and providers on the market, it is often impractical for consumers to check them all.

Our mortgage calculator simplifies the process of finding a good mortgage deal by showing you our pick of the best offers from all the top providers.

All you need to do is input some basic details, such as the amount you want to borrow, how long you need to borrow it for and your reason for needing a mortgage.

The calculator will then match you up with the most appropriate deals based on your requirements. Try it out at the top of the page.

Independent Mortgage Advice

Remortgaging is particularly popular at the moment as interest rates are low.

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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.

However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.

If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).

If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Cumberland BS & alternative lender options.