The Cumberland Building Society Commercial Mortgage User Reviews
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The Cumberland is a building society based in Cumbria and serves the communities of Cumbria, Northumberland, Lancashire and southwest Scotland with 34 branches. They are a mutual bank with no shareholders, and they provide ethical investment opportunities. They offer banking products to individuals and businesses with business products including current account, savings account and a specialist range of mortgages.
The Cumberland Building Society Commercial Mortgage Options
The Cumberland offers a range of mortgage products to businesses and individuals for investment purposes.
Holiday Let Mortgages
The Cumberland offers mortgages on a range of holiday let properties including multiple letting units, properties across split titles and limited companies. The mortgage includes:
- Choice of 2 years variable, 2 years fixed or 5 years fixed rate
- Offers up to 75% LTV
- Maximum mortgage term of 25 years
- Loans for £75,000 to £2 million
- Suitable for first-time holiday let investors and various entities
- Expert lending managers
- Available throughout mainland UK plus selected islands
- Suitable for remortgages
- Full refurbishment of properties will be considered
The Cumberland offers hospitality mortgages to guest houses, hotels, bed and breakfasts. These mortgages include:
- A minimum property value of £250,000
- A minimum mortgage value of £75,000
- Loans of up to 65% of the trading value
- Maximum mortgage term of 25 years on a capital repayment basis only
- Considers freehold or long leasehold on standard construction properties
- Available to individuals, partnerships, limited companies and SIPP
The Cumberland Building Society Commercial Mortgage Eligibility
The Cumberland has a minimum property value of £100,000 on holiday lets and £250,000 on hospitality properties. They will consider first-time holiday let investors and various entities including individuals, partnerships, limited companies and SIPP.
The Cumberland Building Society Commercial Mortgage Rates
The Cumberland buy to let mortgage rates start at 3.14% and a £999 fee or 1% of the mortgage amount is charged on all buy to let products.
There are no rates or charges available for their hospitality mortgages.
The Cumberland Building Society Commercial Mortgage Calculator
The Cumberland doesn’t have a commercial mortgage calculator.
The Cumberland Building Society Commercial Mortgage Reviews
The Cumberland Building Society only features on a few of the leading customer review sites and these are largely positive. Trustpilot only has a handful of reviews which skews the scores as the reviews are predominantly negative with 77% of reviewers rating them as bad. Comments from reviewers include unresponsive with slow service and poor customer service.
Feefo has a large number of reviews that are positive with comments including excellent service, kind and helpful staff, good communication, easy to set up, responsive and efficient. Smart Money People reviews are also very positive with similar feedback to Feefo.
A Which? customer survey rated The Cumberland Building Society fairly highly in 8th place of all the banks with a 73% customer score. They received 5/5 for customer service, 4/5 for communication, service in-branch, and 3/5 for online banking.
Trustpilot – 2.0/5 (based on 13 reviews)
Google Reviews – no reviews
Reviews.co.uk – no reviews
Review Centre – no reviews
Feefo – 4.8 (based on 1,180 reviews)
Smart Money People – 4.73/5 (based on 48 reviews)
Which? – 73% Which? customer score
How To Apply For The Cumberland Building Society Commercial Mortgage?
You can enquire on their website about their mortgages, and they will get in touch with you to discuss your needs and give you a mortgage application form to complete if you wish you progress with the application.
- Offers a choice of specialist variable and fixed-rate mortgages
- Available to a range of entities
- Positively rated in customer reviews
- Only offers mortgages for hospitality properties and holiday lets
- Rates are not available for all products
Website: The Cumberland Commercial Mortgages