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Whether you're looking to get on the property ladder, move home or simply remortgage - we can help take the next step.
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A brighter approach to later life lending
Chat to a friendly advisor, explore your options and find the best later life lending route for you.
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Telephone appointments
You can book a telephone appointment with one of our mortgage advisors. We are unable to accept face-to-face appointments in branch at this time, however you can book a call online.

Looking for a mortgage?

We are now accepting applications for residential purchase and remortgages to up to 90% loan to value (LTV) in our operating area and up to 85% elsewhere.

Buying your first home?
We’ve got great deals including 10% deposit mortgages
Thinking of moving house?
Expert advice and mortgages for new and existing customers
Looking to remortgage?
It's quick and easy to remortgage with The Cumberland

Key mortgage information

Base rate changes and Coronavirus (COVID-19) help and support

Interest rate changes
Changes to variable mortgage, savings and current account interest rates following the Bank of England base rate changes.
Payment holidays
If you are experiencing difficulty with mortgage payments as a result of coronavirus, you can apply online for a payment holiday of up to three months.
Product changes
We are now accepting mortgage applications for residential purchase and remortgages to up to 90% loan to value (LTV) in our operating area and up to 85% elsewhere.

Existing customers

Switch To A New Deal
If your initial deal period is ending, you may be able to get a better rate
Borrow More
Find out if you could increase your existing Cumberland mortgage

Understanding Mortgages

  • What is a mortgage?
    • A mortgage is a loan, secured on a property, that is repaid with a predetermined set of payments over an agreed period of time.
    • The amount you borrow will depend on your income, outgoings and your ability to pay it back.
    • Borrowing for the first time you will need a deposit to put towards the property, which is usually at least 5% of the total cost of the property. Home movers generally use the equity in their property as the deposit.
  • Types of mortgage products

    There are two main types of mortgage products we currently offer:

    Fixed Rate

    With a fixed rate mortgage, your interest is fixed for an agreed period. During this period your monthly repayments stay the same so you know exactly how much you’re going to pay each month for a set amount of time. Even if interest rates go up, you will continue to pay the same amount each month, but if they drop your payments won’t fall. Most lenders charge an initial fee for arranging a fixed rate mortgage and if you repay all or a significant part of your mortgage before the end of the fixed period, an early repayment charge is likely to apply.

    Variable Rate

    Your interest is a set percentage above or below a particular rate for an agreed period of time. If you have a variable rate mortgage your payments will go up or down whenever the rate it is tracking goes up or down. These mortgages usually track either the Bank of England base rate or the lender’s own standard variable rate. Most variable rate mortgages have arrangement fees and early repayment charges.

  • Choosing your mortgage

    When you start looking at mortgages the choice can seem overwhelming. How can you possibly know whether you’ve got the right mortgage?

    Simply put, the right mortgage is the one that is best for your own personal circumstances. The reason why there are so many mortgages available is that everyone’s needs are different. The easiest way to find out which mortgage is best for you is to talk to someone that you trust will give you good advice.

  • Repayment options
    Repayment (Capital and Interest)

    Each payment is made up of both capital (the amount that you borrowed) and interest. This means if you make all of the required payments during the term of the mortgage, your loan is guaranteed to be repaid on time. The amount you owe also reduces each month and you are not dependent on the performance of an investment plan for the repayments of the capital borrowed.

    Interest Only

    All that you are paying back is the interest. You would need to make separate arrangements to repay the amount you borrowed at the end of the term. Normally, this would mean making a separate payment to an investment plan. This type of mortgage offers a lower monthly payment to your lender as you are only paying the interest (you still need to have a repayment strategy to repay the amount borrowed at a point in the future).

    You need to think carefully about which method will suit you best. A mortgage advisor will take you through the pros and cons of both and recommend what’s best for you.

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.