The Cumberland Building Society has developed into the largest Building Society in Cumbria, with 34 branches in Cumbria, Dumfriesshire, Preston in North Lancashire and Haltwhistle in Northumberland and over 400 in staff.

Cumberland will lend anywhere in the UK, how much you can borrow, however, will depend on your location. It has the following types of mortgage products:

Fixed Rate
Discount
Flexible

Fixed Rate: your original rate will be fixed for an agreed period. Cumberland Building Society have fixed rate products for 3 and 5 years. After the fixed rate period is over your mortgage will go back to the Cumberland base standard variable rate.

An arrangement fee is applicable
There is and early repayment charge during the fixed rate period

Discount: your original rate will be set at a variable discount off the Society’s base standard variable rate, and 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). The discount period lasts 3 years, after which your mortgage will go back 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 starting rate will be set at a variable discount off the Society’s base standard variable rate, and 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). The discount period lasts 3 years, after which your mortgage will go back 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 sufficient prior overpayments)
You can ask for previous overpayments to be refunded
You can generally borrow more than you might need to when buying the property, so you have quicker access to an additional loan facility if you need it later
You may be entitled for free accident, sickness and unemployment insurance for 6 months
Interest is calculated daily
There is no arrangement fee

The Cumberland Building Society also offers mortgages particularly for people who want to re-mortgage and for first time buyers:

Cashback
Discount

Cashback: your rate will be set at the variable Bank of England base rate +1.75% for the first 6 years, then your mortgage will relapse to the Society’s base standard variable rate. You will receive a percentage of your loan as cashback, the amount of which will depend on how much you have borrowed.

You will receive a free basic valuation
You will receive a free legal fees if you use a society chosen Solicitor
You can overpay up to £1,200 a year
If you repay all of your mortgage within the first 6 years, you will then have to pay an early repayment charge
Interest is calculated daily
Free mortgage protection for 6 months

Discount: your starting rate will be set at a variable discount off the Society’s base standard variable rate, and 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). The discount period lasts 5 years, after which your mortgage will revert to the Society’s base standard variable rate.

You will receive a free basic valuation
You will receive a free legal fees if you use a society chosen Solicitor
You can overpay up to £1,200 a year
If you repay all of your mortgage within the first 5 years, you will then have to pay an early repayment charge
A discount mortgage that has no early repayment charge is also offered