Cumberland launches its lowest ever mortgage rates

mortgage rates

The rate is available on a 2-year variable discounted mortgage with a LTV of 60%, representing a rate reduction of 0.25%

The Cumberland has launched its lowest ever mortgages by reducing rates to 0.83%.

The rate is available on a 2-year variable discounted mortgage with a loan-to-value (LTV) of 60%, representing a rate reduction of 0.25%.

The Cumberland also has a 0.88% rate available for a 2-year fixed mortgage with the same LTV.

The 2-year fixed rate mortgages, aimed at first-time buyers (FTBs) and house buyers, include a 0.53% reduction in the rate for 85% LTV mortgages, taking the rate to 1.78%.

The same LTV for the 2-year discounted mortgages now has a rate of 1.73% after a reduction of 0.75%.

Lewis Benson, area manager at The Cumberland, said: I have spoken to colleagues who have been a lot longer than my 15 years with the company and we can’t remember rates as low as this.

We change our rates all the time because as a mutual organisation we are always trying to get the best deal for our members. And I can’t emphasise enough how brilliant these rates are, he said.

This is a really good time for anybody who has a mortgage to spend some time with a mortgage adviser and see if you can get a better deal. I think normally we would expect the housing market to slow down as we move from autumn into winter, but I am not sure that will happen this year, he said.

He said: There is still pent-up demand because there is less housing stock in the market. So, as houses continue to come on to the market people respond quickly and I think we will have a very good six months.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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