Cumberland Building Society

Gtn33

Hi anyone have any knowledge of the Cumberland BS currently offering a cash back mortgage 3.9% for first 6 years then 4.49% for the remaining term.
What are the views of the forum on this?

Thanks

Thrugelmir

Do you expect to live in the property for a minimum of 6 years?

Gtn33

Yes, more than likely.

andyca

I looked at this Mortgage but I saw something that rang alarm bells on their website:
"Your interest rate tracks the Society's standard variable mortgage rate(SVR), currently 4.49%, less the agreed discount or plus the agreed percentagefor the first 6 years, followed by the Society's standard variable mortgagerate (SVR) until the end of the mortgage."

This is a discount mortgage not a fixed rate, it does not track a Bank of England rate just their own SVR. If they decide to change this rate you are commited to pay it for 6 years or you forfeit the cash back.