Mortgage News: Rates reduced on first time buyer, home buyer and remortgage products

Published on
2 February 2021

The Cumberland has made a series of changes to its mortgages which will give further help to homebuyers.

The building society has reduced the interest rate of its 10 per cent deposit mortgages range, which is likely to make its product even more attractive to first-time buyers.

Among the changes announced, there are also significant reductions in remortgage pricing.

Over recent months, The Cumberland has been leading the field in the region with 90 per cent loan to value and has now made a reduction of 0.31 per cent on its 2-year fixed products and a reduction of 0.24 per cent on its five-year fixed products.

People looking to remortgage will also be able to benefit, with rate reductions of between 0.22 per cent and 0.44 per cent to the remortgaging range also included in the raft of changes.

The Cumberland continues to offer variable and fixed-rate products outside its operating area up to 85 per cent LTV, and two-year variable rate buy-to-let products will also continue to be available nationwide.

Aileen Robertson at The Cumberland said: “We have been able to make these positive changes to our range of mortgages, which allows borrowers to access lower-priced products.

“These changes reflect our commitment to offering an attractive homemover and first-time buyer rate, improving people’s prospects of getting on the property ladder, as well as giving confidence to people looking to remortgage.”

Whether you’re looking to get onto the property ladder, move home or remortgage, we could help you take the next step. Try our mortgage calculator to find out how much you could borrow, view mortgage rates and compare monthly payments.

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