Please Note: The information included within these pages is for for use by FCA authorised intermediaries only. If you are a customer please visit our customer web pages.
Is your existing Cumberland customer at the end of their deal and looking to change to a new one? Here we've outlined the three simple steps for switching.
Before you request a rate switch, please note we only accept introduced product transfer applications 3 months before a customer’s existing deal is due to end.
The Society’s Holiday Let product transfer rates can be viewed here or requested via your BDM for Residential mortgages.
Products may be withdrawn and can only be guaranteed once the customer has paid an application fee (if applicable) and returned a signed copy of the mortgage offer.
If the property is subject to restrictions, please contact us to discuss the options available.
If you require further information or guidance on this application, or if the customer wishes to discuss a further advance or transfer of equity, please get in touch with us on 01228 403 312, or email commercialfollowons@cumberland.co.uk
We'll write to the customer 3 months before their existing deal is due to end and advise them to contact their original mortgage advisor. If your firm did not originally introduce the client to the Society, please ask your customer to complete the authorisation on the product transfer application.
Complete the product transfer application form and email this to our retention team to action.
To introduce a rate switch you must be registered with us. If you aren’t currently registered with us, please send us the completed intermediary registration form along with the product transfer application form.
We’ll send the mortgage offer to you and your customer for them to sign. Once we’ve received the signed copy, we’ll action the rate switch and let you both know when the rate switch is complete.
Switching to a new rate with The Cumberland comes with a range of benefits to you and your customer, including:
• No valuation needed unless customer requests a further inspection
• No legal fees
• No credit checks
• No supporting documentation
• Procuration fee 0.20%
You can apply any time during the last 3 months of their current product expiry date.
The new rate takes effect as soon as the existing rate matures.
Unfortunately not - we’d need to process that as two separate applications. For further information please get in touch on 01228 403 312.
We’ll pay your procuration fee 30 days after the new rate takes effect. The fee will be based on the outstanding mortgage balance.
From April this year, landlords with qualifying income above £50,000 have been required to comply with Making Tax Digital (MTD) for Income Tax.
For over 30 years, The Cumberland has worked alongside brokers and borrowers across the country, supporting people with very different goals - from purchasing their first holiday let to growing established portfolios. Those conversations have
given us a real appreciation of how varied this market is and how quickly it can change.
A husband-and-wife team have fulfilled their lifelong dream of owning a home in the Cumbrian countryside by turning it into their first hospitality venture thanks to support from The Cumberland Building Society.