Cumberland Building Society has reduced selected fixed rate mortgages by up to 0.30%. One of the products to receive the highest reduction was its three-year remortgage deal, which has earned an 'excellent' rating as a result.
This mortgage now has a rate of 1.98% fixed until 1.9.18, the lowest rate in its sector. It is available at a loan-to-value (LTV) of 70% and has a competitive fee of £699.
This deal is available to remortgagors only with a 30% deposit. An incentive package of free valuation and free legal fees is available, allowing borrowers to keep upfront costs to a minimum. It is also possible to make overpayments of up to 10% per annum, giving borrowers a chance to pay down their balance.
Remortgagors with the right deposit are likely to welcome this rate cut as it makes this deal the lowest currently available in its sector. As an added bonus, the fee is also very competitive and is largely offset by the generous incentive package of free valuation and fee legal fees, making this a very cost-effective deal.
Moneyfacts rating: Excellent
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