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Important Information: New customers must live within our operating area to open a Savings account.
Saving for a deposit for your first house?
First things first, a deposit is a lump sum you pay upfront, letting you own part of the property outright. During the purchasing process it gives the seller reassurance that you are serious about the purchase.
Here at The Cumberland, our aim is to deliver ‘kinder banking’ by upholding commitments to our people, the planet and our local community. We believe in having real people on hand to help our customers both over the phone and in branches on our local high streets. Our people focussed, caring approach has led to many positive reviews for which we are both grateful and proud. Find out more about our commitments.
When it comes to saving, we have a multitude of options to suit your circumstances. Our savings pages include everything that you’ll need as a novice saver, right through to more in-depth information for specific accounts. We even have a savings hub full of articles, budgeting tips and helpful advice.
We hope that you’ll find what you’re looking for but if you do have any further questions, please feel free to visit your local branch or give us a call on 01228 403141 – we’re always happy to help.
What does a mortgage really mean?
If you look beyond the paperwork and the finance, obtaining a mortgage can mean so many things.
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Make an appointment with a Savings Adviser at a time that suits you.
Top questions about savings for a deposit
A deposit is a lump sum you pay upfront, letting you own part of a property outright. During the purchasing process it gives the seller reassurance that you are serious about the purchase.
When agreeing a mortgage, the bigger the deposit, the better deal you are likely to get on your mortgage and the lower your monthly repayments will be.
Your deposit is the biggest thing you’ll be saving for, but having a little bit extra will come in handy for things like solicitor fees, moving costs, new furniture etc.
Depending on the type of mortgage, with The Cumberland the minimum deposit on a mortgage is currently 5% but this is subject to change.