History

The Cumberland Building Society was first established in 1850 as the Cumberland Co-operative Land and Benefit Building Society. Its main office was located in Carlisle, Cumbria, The main objective was to provide a way so that the "industrious classes" could acquire property. This has remained their focus through the rest of their history.

The Cumberland Building Society has now grown into the largest Building Society based in Cumbria, Cumberland and they will lend to anywhere within the UK. They have over 33 branches mostly in Cumbria and Dumfriesshire, but also as far as Preston in North Lancashire and Haltwhistle in Northumberland.

The society offers a range of products including: savings accounts; mortgages; investment accounts; loans and further loans; financial services; insurance products; lending to commercial enterprises, through the Commercial Lending division; and Internet Banking. They also own several subsidiary companies, including Cumberland Estate Agency Ltd, Cumberland Financial Services Ltd, and Solway Mortgage Solutions.

The Cumberland also is one of the few societies which offer a full current account service with ATMs, Visa cards, and Internet Banking. They employ over 400 staff and are the 20th largest society in the United Kingdom.

Remortgages offered through Cumberland Building Society

Fixed Rate - your initial rate will be fixed for an agreed period of 3 or 5 years. After the fixed rate period has finished your mortgage will revert to the Cumberland base standard variable rate. An arrangement fee is applicable. There is an early repayment charge during the fixed rate period.

Discount - your initial rate will be set at a variable discount off the Society's base standard variable rate. The discount period lasts 3 years. Your initial rate will also be set according to how much you want to borrow compared to the actual value of the property you want to buy (LTV). After the discount period has finished your mortgage will revert to the Society's base standard variable rate. An arrangement fee applies. You will receive free accident, sickness and unemployment insurance for 6 months. There is an early repayment charge during the discount rate period.

Flexible - your initial rate will be set at a variable discount off the Society's base standard variable rate. The discount period lasts 3 years. Your initial rate will also be set according to how much you want to borrow compared to the actual value of the property you want to buy (LTV). After the discount period has finished your mortgage will revert to the Society's base standard variable rate. There are no early repayment charges. The flexible aspect of the mortgage means that you can make overpayments, underpayments or even take a payment holiday (if you have made enough previous overpayments). You can ask for previous overpayments to be refunded. You can usually borrow more than you might need to when you are buying the property - so you have quicker access to an additional loan facility if you need it later. You may be eligible to receive free accident, sickness and unemployment insurance for 6 months. Interest is calculated daily. There is no arrangement fee.

Cashback - your rate will be set at the variable Bank of England base rate +1.75% for the first 6 years. After this your mortgage will revert to the Society's base standard variable rate. You will receive a percentage of your loan as cashback. How much it is will depend on how much you have borrowed in the first place. You will receive free legal fees if you use a society nominated Solicitor. You can overpay up to £1,200 a year. You will have to pay an early repayment charge if you repay your entire mortgage within the first 6 years. Interest is calculated daily. Free mortgage protection for 6 months.

Discount - your initial rate will be set at a variable discount off the Society's base standard variable rate. The discount period lasts 5 years. Your initial rate will also be set according to how much you want to borrow compared to the actual value of the property you want to buy (LTV). After the discount period has finished your mortgage will revert to the Society's base standard variable rate. You will receive a free basic valuation. You will receive free legal fees if you use a society nominated Solicitor. You can overpay up to £1,200 a year. You will have to pay an early repayment charge if you repay your entire mortgage within the first 5 years. Cumberland also has a discount mortgage that has no early repayment charge.