The Cumberland Building Society (CBS) has thrown a potential lifeline to homeowners faced with increasing mortgage payments.
It has slashed interest rates on fixed rate mortgages by up to 0.50 per cent, with rates as low as 4.26 per cent for a two-year fixed deal and 3.93 per cent for a five-year plan.
This is particularly good news for homeowners whose current mortgage agreement is expiring, many of whom took out loans prior to the December 2021 interest rate rise by the Bank of England.
Jack Green, mortgage hub manager at Cumberland Building Society, said: "We’ve come across remortgage customers whose payments have increased by hundreds of pounds or in some case more than £1,000 a month."
He urged customers to be proactive, saying: "Remember, you have options.
"You don’t have to stay with your existing lender."
The new fixed-rate products are available for home purchase and remortgages up to 60 per cent of the property value, with CBS lending up to 90 per cent on remortgage cases and 95 per cent on home purchases.
The lender also offers an arrangement fee waiver for existing customers switching deals, aligning with its pledge to offer its best terms to pre-existing customers.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel