ARRANGING YOUR MORTGAGE

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MORTGAGE OPTIONS FROM THE CUMBERLAND

Cumberland Estate Agents is a subsidiary of Cumberland Building Society, which has been helping people to buy property for over 160 years. Their mortgage advisors know that moving home is a big step and they will do everything possible to ensure that your mortgage is completed smoothly. They are also on hand to answer any other questions you may have about your move; from how to deal with surveyor’s reports to when to book the removal van.

Cumberland Building Society offers a wide range of mortgages with consistently competitive rates.

Fixed Rate Mortgage

With a fixed rate mortgage, your interest rate is fixed for an agreed period. During this time your monthly payments stay the same, so you know exactly where you stand. This means that even if interest rates go up, you continue to pay the same amount each month - although if interest rates go below your fixed rate, your payments won’t be reduced.

There is usually an initial fee for arranging a fixed rate mortgage and, if you repay all or part of your mortgage before the end of the fixed period, an early repayment charge would also apply.

Variable Rate Mortgage

This gives you a discount off the standard variable mortgage rate for an agreed period. If interest rates fall, yours is likely to fall as well, and your payment will go down. However, interest rates could also go up, so you will need to budget for any increases in your monthly mortgage payment. At the end of the discounted period, the rate will normally revert to the standard variable mortgage rate. Some discount mortgages have arrangement fees and early repayment charges during the discount period.

Offset Mortgage

An offset mortgage could help you save money and repay your mortgage sooner. Instead of earning interest on the balances of your savings and current accounts, an offset mortgage uses this money to reduce the interest you pay on your mortgage.

By using the money in your linked accounts to save interest, rather than earn it, you could end up repaying your mortgage earlier. What’s more, because you don’t receive any interest on the balances in your linked accounts, you do not pay tax on it.

You must open a Cumberland Offset Current Account and/or Cumberland Offset Savings Account to operate this type of mortgage. However, your offset accounts all remain completely separate and you can still access your money just as you normally would.

Buy To Let Mortgage

A Buy to Let mortgage is a loan for the purchase or refinancing of a residential property which is let to tenants rather than lived in by the borrower. Buy to Let investments are popular as they offer the prospect of a regular rental income. The value of the property itself may also increase and as such can be regarded as an alternative to the more traditional forms of investment.

There are of course no guarantees. Property values can fall and income will be affected if, for example, the property becomes vacant or the tenants default on rental payments.

Whether you are investing in property for the first time, or you already have an established portfolio, we can help make sure you find the right mortgage deal.

FIND OUT MORE

Find out what these mortgages could mean for you by using our Mortgage Calculator and arranging to see one of the Cumberland's friendly mortgage advisors.

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Your mortgage is secured on your home. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.