Cumberland Building Society has reduced its fixed-rate mortgage interest rates by up to 0.5%, introducing rates as low as 4.26% for 2-year and 3.93% for 5-year terms.
This move aims to assist homeowners facing increased payments as their current mortgage deals, taken before the Bank of England’s rate hikes in December 2021, come to an end.
Jack Green, the mortgage hub manager, 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.
“We want to support our customers to keep their monthly payments as low as possible. Our new fixed-rate products could help them achieve this.”
Cumberland’s revised mortgage options are available for home purchases and remortgages up to 60% LTV, with the possibility to lend up to 90% on remortgages and 95% on home purchases, albeit at slightly higher rates for those with smaller equity stakes.
The society waives the £999 arrangement fee for existing customers nearing the end of their deals and offers free valuations and covers standard legal fees for new remortgage clients up to £750,000, reinforcing its commitment to customer support.
