We're offering a helping hand to hospitality businesses looking for some security in uncertain Brexit times.
In a move welcomed by Cumbria Tourism, we have launched a range of new five year fixed rate mortgages in a bid to provide certainty for the hospitality and leisure industries.
Gill Haigh, Managing Director of Cumbria Tourism, said she hoped the initiative to offer a fixed rate for five years would tempt more people into the industry.
“Our research repeatedly demonstrates that Brexit is a significant cause of concern and uncertainty for our members. The visitor economy is integral to Cumbria’s success. In 2017 it contributed £2.9billion to the local economy and supported 65,000 jobs.
“As one of Cumbria Tourism’s Strategic Partners, The Cumberland values the sector and is alert to the challenges being faced. We, therefore, welcome support of this kind which seeks to provide some level of reassurance to existing businesses and, at the same time, encourages new businesses, provides peace of mind for the industry and encourages more people to run their own holiday let businesses.
“The UK’s holiday let market is an important part of the business landscape, especially in Cumbria,” she said.
We previously offered only three‐year variable rate holiday let mortgages, with a flexible approach that helped many business people who had been turned down by other banks and building societies that take a more rigid approach.
We're hoping to help more customers run the holiday let the business of their dreams with the new products launched last week. We will continue to offer our popular range of three‐year variable rate mortgages too.
Grant Seaton, Senior Business Lending Manager at The Cumberland, said: “The Cumberland has been committed to supporting the tourism and leisure sector for the past 25 years, so it’s exciting to be able to support the industry with new products that provide extra certainty and peace of mind.
“We have listened to feedback and our customers, and taken into account what will really help people out. The five year fixed rate product gives security over a long period, allowing business owners to concentrate on running and improving their business.
“Brexit has caused some concern with those looking to set up, or expand, their holiday let business, so being able to secure a competitive rate for five years is very attractive right now.”