Cumberland Building Society Mortgages

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Last updated on 09 March 2021.

Cumberland Building Society Mortgages FAQ

Who are Cumberland Building Society?

Cumberland Building Society is a building society based in Cumbria. A building society is run for the benefit of its members. The Cumberland, as it is sometimes known, provides a range of mortgages, savings accounts, current accounts and other financial services.

What type of mortgages does the Cumberland Building Society offer?

The Cumberland Building Society provides mortgage lending for people from all walks of life and people in a range of different financial circumstances.

Here are the categories of mortgage offered by the Cumberland:

  • First-time buyer mortgages
  • Moving home mortgages
  • Remortgages
  • Retirement mortgages
  • Self-employed mortgages
  • Help to buy mortgages
  • Holiday let mortgages
  • Buy-to-let mortgages
  • Commercial mortgages

What interest rates are available on Cumberland Building Society mortgages?

The interest rate varies between different mortgages, and different borrowers will be offered rates related to their financial and personal circumstances. The rate you will be offered depends upon how much you want to borrow, your mortgage term, your credit rating and the financial assessment that Cumberland carry out when you apply for a mortgage.

A note to borrowers: always take the true cost of a mortgage into account. What does this mean? In short, fixed rate mortgages offer a headline interest rate which lasts for a set period. After this period, a new interest rate is attached to your mortgage; this will usually be on the lender’s standard variable rate (SVR).

Am I eligible for a mortgage?

Mortgage providers like the Cumberland Building Society will assess whether they are willing to lend to you based on factors including: how much you want to borrow, your salary, your deposit, the type of property you want to buy, your employment status, your credit rating and your financial circumstances.

Each lender has their own set of unique lending criteria and in some cases, different products are aimed at different groups (e.g. first-time buyers or older borrowers).

Just because you have been rejected by one provider doesn’t mean you will be rejected by another.

Do bear in mind that regular applications for credit can damage your credit score, as they can make lenders wary of your mortgage affordability. When applying or enquiring for a mortgage, ask whether the provider will perform a soft or hard credit check on your credit file. A hard check will appear on your credit file and can be seen by other lenders, whereas a soft check will not make a mark on your credit report.

Does the Cumberland Building Society offer online banking?

Yes, the Cumberland Building Society offers online banking, sometimes known as internet banking. Online banking allows you to make transactions, get paid and manage your current account online. Cumberland Building Society also offer an app, providing the same services all packaged into a mobile app.

Are the Cumberland Building Society favourably reviewed?

You can read reviews from their customers on the building society’s website.

What documents do I need to apply for a mortgage?

To make your mortgage application as smooth as possible, it pays to be prepared. Make sure you have the following to hand:

  • Utility bills
  • Evidence of benefits received
  • P60 form from your employer
  • Your last three months’ payslips (digital or paper versions)
  • Passport, driving license, or other form of identification
  • 3-6 months of current account bank statements
  • 2-3 years of accounts if self-employed
  • Tax returns if self-employed earnings are from more than one source

The exact combination of documentation necessary for each provider will vary, but the list above contains the most commonly-requested documents across the mortgage market.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE