The Cumberland has released its lowest rate ever with a 0.83 per cent for those switching their mortgage.
The deal, which is a cut of 0.25 percentage points, is available on a two-year variable discount with a loan to value of 60 per cent loan to value (LTV).
The mutual has also launched a two-year fixed rate mortgage at the same LTV with a rate of 0.88 per cent.
In June the lender launched a two-year fixed rate remortgage with a rate of 0.98 per cent, which was the first time it has offered a sub-one per cent residential mortgage product.
It has also cut select remortgage products, with its two-year fixed rate at 85 per cent LTV dropping by 0.53 percentage points to 1.78 per cent.
Its two-year discounted mortgage has been reduced by 0.75 percentage points to 1.73 per cent.
Lewis Benson, area manager at The Cumberland, said that the rates were likely to be the lowest it had ever offered, and that this cut would give the best deal to members.
He said: “I can’t emphasise enough how brilliant these rates are. 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.”
He added that there was still pent-up demand due to limited housing stock so the housing market was unlikely to slow down in the coming months.
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.