MORTGAGES FOR FIRST TIME BUYERS
BUYING YOUR FIRST HOME
Picking up the keys to your first home and walking through your own front door for the first time is an amazing feeling. We want to help you enjoy the experience of buying your first home as you'll remember it for the rest of your life.
From the day you decide to buy to the day you move in, our fully trained and qualified mortgage advisors will guide you through the process and will be on hand to answer any questions you have. All you’ll need to worry about is what colour to paint the bedroom.
Our Current Deals
Please enter your requirements below to display the appropriate available deals beneath
Our operating area is:
- Cumbria (all CA and LA postcodes)
- South-West Scotland (all DG postcodes and TD9)
- West Northumberland (NE45-49)
- Preston area of North Lancashire (all PR, FY, LA AND BB1-3 and BB5-7)
Please note that if the property you are looking to mortgage is outside of our operating area, there are restrictions if you wish to borrow on an interest-only basis. Please contact us for further details.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.37% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.37% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £428.32 and 276 monthly payments of £603.72.
The total amount payable would be £178,015 made up of the loan amount plus interest (£68,156), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.30% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.44% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £431.87 and 276 monthly payments of £604.10.
The total amount payable would be £178,205 made up of the loan amount plus interest (£68,346), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.27% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.47% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £433.40 and 276 monthly payments of £604.26.
The total amount payable would be £178,286 made up of the loan amount plus interest (£68,427), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.27% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.47% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £433.40 and 276 monthly payments of £604.26.
The total amount payable would be £178,586 made up of the loan amount plus interest (£68,427), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.27% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.47% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £433.40 and 276 monthly payments of £604.26.
The total amount payable would be £178,586 made up of the loan amount plus interest (£68,427), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.20% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.54% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £436.98 and 276 monthly payments of £604.63.
The total amount payable would be £178,474 made up of the loan amount plus interest (£68,615), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.20% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.54% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £436.98 and 276 monthly payments of £604.63.
The total amount payable would be £178,774 made up of the loan amount plus interest (£68,615), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.17% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.57% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £438.52 and 276 monthly payments of £604.79.
The total amount payable would be £178,856 made up of the loan amount plus interest (£68,697), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.17% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.57% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £438.52 and 276 monthly payments of £604.79.
The total amount payable would be £178,856 made up of the loan amount plus interest (£68,697), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.16% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.58% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £439.03 and 276 monthly payments of £604.84.
The total amount payable would be £178,582 made up of the loan amount plus interest (£68,723), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.10% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.64% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £442.12 and 276 monthly payments of £605.16.
The total amount payable would be £179,044 made up of the loan amount plus interest (£68,885), arrangement fee (£999), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 3.06% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.68% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £444.19 and 276 monthly payments of £605.36.
The total amount payable would be £178,849 made up of the loan amount plus interest (£68,990), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.77% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.97% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £459.35 and 276 monthly payments of £606.87.
The total amount payable would be £178,870 made up of the loan amount plus interest (£69,771), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.3% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.77% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 1.97% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £459.35 and 276 monthly payments of £606.87.
The total amount payable would be £178,931 made up of the loan amount plus interest (£69,771), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.70% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.04% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £463.06 and 276 monthly payments of £607.22.
The total amount payable would be £179,116 made up of the loan amount plus interest (£69,956), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.67% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.07% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £464.66 and 276 monthly payments of £607.37.
The total amount payable would be £179,135 made up of the loan amount plus interest (£70,036), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.67% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.07% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £464.66 and 276 monthly payments of £607.37.
The total amount payable would be £179,196 made up of the loan amount plus interest (£70,036), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.64% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.10% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £466.25 and 276 monthly payments of £607.53.
The total amount payable would be £179,278 made up of the loan amount plus interest (£70,118), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.61% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.13% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £467.86 and 276 monthly payments of £607.68.
The total amount payable would be £179,297 made up of the loan amount plus interest (£70,198), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.56% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.18% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £470.53 and 276 monthly payments of £607.93.
The total amount payable would be £179,491 made up of the loan amount plus interest (£70,331), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.52% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.22% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £472.68 and 276 monthly payments of £608.13.
The total amount payable would be £179,598 made up of the loan amount plus interest (£70,438), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.52% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.22% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £472.68 and 276 monthly payments of £608.13.
The total amount payable would be £179,598 made up of the loan amount plus interest (£70,438), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.51% for the first 2 years, followed by the SVR until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge of 1% of the amount repaid if you repay all or part of your mortgage within the first 1 year
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.23% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £473.22 and 276 monthly payments of £608.18.
The total amount payable would be £179,564 made up of the loan amount plus interest (£70,465), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.45% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.29% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £476.45 and 276 monthly payments of £608.48.
The total amount payable would be £179,785 made up of the loan amount plus interest (£70,625), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 2.36% for the first 2 years, followed by the SVR until the end of the mortgage.
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all or part of your mortgage before the end of the deal
A mortgage of £108,750 payable over 25 years initially on this variable rate product for 2 years at 2.38% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £481.32 and 276 monthly payments of £608.92.
The total amount payable would be £180,024 made up of the loan amount plus interest (£70,864), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 1.62% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 1.62% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £360.03 and 336 monthly payments of £523.02.
The total amount payable would be £185,484 made up of the loan amount plus interest (£81,775), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 1.74% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 1.74% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £366.03 and 336 monthly payments of £523.54.
The total amount payable would be £185,803 made up of the loan amount plus interest (£82,094), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 1.88% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 1.88% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £373.10 and 336 monthly payments of £524.15.
The total amount payable would be £186,178 made up of the loan amount plus interest (£82,469), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.12% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 2.12% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £385.42 and 336 monthly payments of £525.16.
The total amount payable would be £186,313 made up of the loan amount plus interest (£83,104), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.18% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 2.18% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £388.53 and 336 monthly payments of £525.41.
The total amount payable would be £186,211 made up of the loan amount plus interest (£83,262), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.4% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.22% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 2.22% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £390.62 and 336 monthly payments of £525.58.
The total amount payable would be £186,319 made up of the loan amount plus interest (£83,370), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.24% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 2.24% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £391.66 and 336 monthly payments of £525.66.
The total amount payable would be £186,631 made up of the loan amount plus interest (£83,422), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.38% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 2.38% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £399.02 and 336 monthly payments of £526.24.
The total amount payable would be £187,002 made up of the loan amount plus interest (£83,793), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 3.63% until 1st January 2021, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (2% before 2nd January 2020 and 1% before 2nd January 2021 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2021
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £102,600 payable over 30 years initially on this fixed rate product until 1st January 2021 at 3.63% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 24 monthly payments of £468.20 and 336 monthly payments of £530.96.
The total amount payable would be £189,988 made up of the loan amount plus interest (£87,039), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.7% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.05% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.05% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £306.93 and 240 monthly payments of £389.90.
The total amount payable would be £113,101 made up of the loan amount plus interest (£39,992), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.9% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.21% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.21% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £312.59 and 240 monthly payments of £391.21.
The total amount payable would be £113,755 made up of the loan amount plus interest (£40,646), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.9% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.25% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.25% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £314.01 and 240 monthly payments of £391.53.
The total amount payable would be £113,417 made up of the loan amount plus interest (£40,808), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.9% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.36% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.36% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £317.95 and 240 monthly payments of £392.42.
The total amount payable would be £114,367 made up of the loan amount plus interest (£41,258), arrangement fee (£699), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.0% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.41% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.41% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £319.75 and 240 monthly payments of £392.83.
The total amount payable would be £114,073 made up of the loan amount plus interest (£41,464), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.9% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.49% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.49% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £322.64 and 240 monthly payments of £393.47.
The total amount payable would be £114,140 made up of the loan amount plus interest (£41,791), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 3.9% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.56% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.56% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £325.18 and 240 monthly payments of £394.03.
The total amount payable would be £114,687 made up of the loan amount plus interest (£42,078), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.0% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Available when a family member provides their Cumberland savings as additional security. Contact us for more details.
Your interest rate is fixed at 2.66% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.66% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £328.84 and 240 monthly payments of £394.82.
The total amount payable would be £115,096 made up of the loan amount plus interest (£42,487), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.0% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 2.76% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 2.76% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £332.51 and 240 monthly payments of £395.60.
The total amount payable would be £115,244 made up of the loan amount plus interest (£42,895), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.0% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Available when a family member provides their property as additional security. Contact us for more details.
Your interest rate is fixed at 3.16% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Refund Valuation Fee - Refund of basic mortgage valuation fee (up to £260)
- Legal Contribution - £250 contribution towards legal fees
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 3.16% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £347.45 and 240 monthly payments of £398.70.
The total amount payable would be £117,144 made up of the loan amount plus interest (£44,535), arrangement fee (£199), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 4.2% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate is fixed at 4.19% until 1st January 2024, followed by the Cumberland Standard Variable Rate (SVR), currently 4.74%, until the end of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Free Valuation Fee - No charge for the valuation of your property
- Cashback - £250 cashback
- £100 Cashback - If you have a Cumberland current account or switch your main current account to the Cumberland (conditions apply - please see below)
- Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (5% before 2nd January 2020, 4% before 2nd January 2021, 3% before 2nd January 2022, 2% before 2nd January 2023 and 1% before 2nd January 2024 of the amount repaid) if you repay all or part of your mortgage before 2nd January 2024
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £72,000 payable over 25 years initially on this fixed rate product until 1st January 2024 at 4.19% and then on the Cumberland Standard Variable Rate (SVR), currently 4.74% for the remaining term of the mortgage, would require 60 monthly payments of £387.64 and 240 monthly payments of £406.23.
The total amount payable would be £121,103 made up of the loan amount plus interest (£48,754), arrangement fee (£199) and other lending fees (£150).
The overall cost for comparison is 4.6% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 1.45% for the term of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Can repay lump sums without any early repayment charge - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all of your mortgage within the early repayment charge period
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £100,000 payable over 23 years initially on this variable rate product for the term of the mortgage at 3.29%, would require 276 monthly payments of £517.00.
The total amount payable would be £143,897 made up of the loan amount plus interest (£42,692), arrangement fee (£795), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 1.45% for the term of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Can repay lump sums without any early repayment charge - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all of your mortgage within the early repayment charge period
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £100,000 payable over 23 years initially on this variable rate product for the term of the mortgage at 3.29%, would require 276 monthly payments of £517.00.
The total amount payable would be £143,897 made up of the loan amount plus interest (£42,692), arrangement fee (£795), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 1.45% for the term of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Can repay lump sums without any early repayment charge - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all of your mortgage within the early repayment charge period
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £100,000 payable over 23 years initially on this variable rate product for the term of the mortgage at 3.29%, would require 276 monthly payments of £517.00.
The total amount payable would be £143,897 made up of the loan amount plus interest (£42,692), arrangement fee (£795), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.5% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 1.25% for the term of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Can repay lump sums without any early repayment charge - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all of your mortgage within the early repayment charge period
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £100,000 payable over 23 years initially on this variable rate product for the term of the mortgage at 3.49%, would require 276 monthly payments of £527.48.
The total amount payable would be £146,789 made up of the loan amount plus interest (£45,584), arrangement fee (£795), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.7% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
Your interest rate tracks the Cumberland Standard Variable Rate (SVR), currently 4.74%, less the agreed discount of 1.25% for the term of the mortgage.
- Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
- Can repay lump sums without any early repayment charge - full details will be found in your KFI and mortgage offer
- Will have to pay an early-repayment charge (1.00% before the end of year 1 and 0.50% before the end of year 2 of the amount repaid) if you repay all of your mortgage within the early repayment charge period
- Can add the arrangement fee to your mortgage, subject to maximum LTV.
A mortgage of £100,000 payable over 23 years initially on this variable rate product for the term of the mortgage at 3.49%, would require 276 monthly payments of £527.48.
The total amount payable would be £146,789 made up of the loan amount plus interest (£45,584), arrangement fee (£795), valuation fee (£260) and other lending fees (£150).
The overall cost for comparison is 3.7% APRC representative.
Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.
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
There are a number of different types of mortgage. The main types are:
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.
Offset
An offset mortgage uses the interest you would normally earn on your savings and/or current accounts to reduce the amount of interest you pay on your mortgage. This means you could save money and repay your mortgage sooner.
-
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. -
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.
-
Where do I start?
One of the first questions you should ask yourself when you start looking for a mortgage is how you’re going to pay it off. Most borrowers opt for a repayment mortgage (referred to as Capital and Interest) but you can also choose an ‘Interest Only’ mortgage if you have another means of paying back the initial loan amount.
-
Insurance
As a condition of any mortgage you will need to ensure that the property is adequately insured (e.g. Building Insurance), however, this insurance does not have to be arranged through us.
THE STEPS TO BUYING YOUR FIRST HOME
-
Forward planning
Unless you’ve already got your deposit you will need to start saving. The more the better, but you should aim to save at least 5% of the price of the property. If you can save 10% or more you're likely to get a better mortgage deal as you'll be borrowing much less.
To help you save for your first home we have two specially designed savings accounts. Both offer really competitive interest rates and special terms for first time buyers. Take a look at our Help to Buy: ISA and our First Home Saver accounts.
-
How much can I borrow?
It’s natural to start looking for property as soon as you’ve made the decision to buy. However, before you start looking in earnest make sure you know what you can afford. One of the biggest mistakes you can make as a first time buyer is to find your dream home and then discover you can't get the mortgage you need.
We know that choosing a mortgage isn’t as exciting as looking for a new home, but an hour spent with one of our mortgage advisors will put you in a great position to buy. You’ll know exactly what you can borrow and what it will cost. Being prepared can also put you in a stronger buying position as the seller will see how serious you are.
You can get an initial idea of costs using our mortgage calculator but if you want to know exactly what you can borrow, arrange an appointment with one of mortgage advisors. We'll have the kettle on when you come in.
-
Looking for your new home
You might already be looking. If you haven’t yet, the easiest way to keep up to date with new properties coming to the market is online. Websites like Rightmove and Zoopla are used by most estate agents and there’s obviously the websites of the estate agents themselves. Registering with estate agents should also ensure you get to know quickly when a new property that matches your requirements comes on the market. Have a look at the properties Cumberland Estate Agents has available.
Of course, you can see the details of properties online but there’s no substitute for actually viewing them. Have a look at as many as possible and you'll quickly see what you can get for your money. One will catch your eye sooner or later, but if it's the first one you see, make sure you have a look at some others to make sure it's the right one.
When you’ve seen a property you like go back for a second viewing. It’s amazing what you miss on your first visit. Try visiting at a different time of day to see what the noise and traffic are like. Concentrate on the things that are really important to you and, if you can, take a friend or family member who may spot things you miss. Take your time and ask plenty of questions.
-
Making an offer
So you’ve found the property and you know you can afford it, it’s time to make an offer.
In England, most properties are sold by estate agents who prepare details of the property and quote a specific asking price. You can, however, offer whatever you want for the property. A small number of properties in England are sold by sealed bids or at auction. If the property you are interested in is being sold by either of these methods, you should contact one of our mortgage advisors well in advance so that they can explain the important differences in the process. The process of buying also differs slightly in Scotland.
Remember, as a first time buyer you do not have a property to sell, which might give you an advantage over other potential buyers as you should be able to buy more quickly. If you have already been in to see us and have a Cumberland Mortgage Affordability Certificate, then this is an even better indication that you are ready to move and could be the deciding factor if you are bidding against someone else.
If your offer is accepted, the estate agent will usually let you know quickly and you’ll then need to instruct your solicitor/conveyancer to undertake the legal work. You’ll also need to let your mortgage advisor know that you’ve had an offer accepted so the mortgage process can start.
-
Patience and pay-off
You’ll need to be patient at this point. (We know that’s easier said than done!) The process of buying a house involves quite a bit of paperwork. You’ll need to complete your mortgage application and your advisor will then instruct a valuation. Your solicitor or conveyancer will also begin liaising with the seller’s solicitors to complete the required legal documents. Be aware that if you’re involved in a chain (where the person you’re buying from is buying another property), the process can take a little longer as there are more people involved.
If you’ve an idea of when you’d like to move in let the seller and their solicitor know as early on in the process as possible. Realistically, completion (when you get the keys and you can move in) can take anywhere between 4 and 12 weeks but this will depend on a number of factors. The completion date will usually be agreed a couple of weeks or more in advance in order to give everyone time to plan the move.
Completion will take place when the seller's solicitor confirms they have received the money and the legal paperwork is finalised. It's at this point you can collect the keys and it’s time to start life as a home owner. Enjoy!
SAVING FOR YOUR FIRST HOME
Two great options
£100 Cashback
Qualifying conditions