The Cumberland Building Society has launched a two-year fixed rate remortgage product, the first time it has offered a sub 1 per cent residential mortgage product.
The product has a rate of 0.98 per cent and a minimum loan value of £200,000. The lender has around five remortgage products, two of which are two-year fixed and three are five-year fixed.
The Cumberland Building Society product head Paul Collins said: “We’re currently seeing a boom in the property market driving purchase prices up as buyers look to find the right living space following the pandemic and taking advantage of the various government support schemes.
“To help keep the costs for our customers down we’re pleased to be offering one of the lowest rates on the market. This is the first time we have been able to offer a fixed rate [residential] mortgage below one per cent which will enable consumers to make significant savings on their existing deals too.”
The lender has been making a number of changes to its offering in recent months and reduced pricing on holiday let products for loans over £750,000 earlier this month.
It also introduced 95 per cent loan to value (LTV) products in April and cut rates on first-time buyers, home buyer and remortgage products in February.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
