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Cumberland and Westmorland Herald
  • News
    Councils ask for planned mayoral election to be postponed

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    Leo Group owner completes epic cycling challenge for MND research

    Support for Penrith Mountain Rescue Team after charity box stolen

    Support for Penrith Mountain Rescue Team after charity box stolen

    Inspiring Penrith teacher Dawn Coates retires after 26 years

    Inspiring Penrith teacher Dawn Coates retires after 26 years

    Use it or lose it: Urgent appeal for people to get on the bus

    Use it or lose it: Urgent appeal for people to get on the bus

    Penrith’s Enterprise Hub plans start to take shape

    Penrith’s Enterprise Hub plans start to take shape

    Nurturing Eden school praised by Ofsted

    Nurturing Eden school praised by Ofsted

    Inflation and the impact on savings

    Inflation and the impact on savings

    Celebrating Alston’s heritage heroes

    Celebrating Alston’s heritage heroes

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    Success for fighting squad

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    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

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    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

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Home Latest

More than 2,000 Cumberland customers took mortgage payment holiday during pandemic

by CWH
17 June 2021
in Latest, News
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Des Moore, of the Cumberland

The Cumberland has revealed that 10 per cent of its domestic mortgage customers took a payment holiday during the last 12 months – with many needing extra overdrafts and extensions.

And more than 1,000 of its business customers also took a payment holiday, accounting for over £250 million of mortgages across the hospitality, tourism and holiday let sectors.

The figures were revealed in the building society’s annual report, which also reported its pre-tax profits rose to £10.5 million from £8.3 million in 2020.

The Cumberland also helped 55 charities and community projects with £198,000 worth of donations during the last 12 months.

Chief executive Des Moore said: “The challenges brought by the crisis are some of the toughest our business has faced in its 171 years, and certainly the most difficult anyone currently at The Cumberland has ever experienced.

“And yet I look back at the year with immense pride. The Cumberland has customers, communities and people at its core. The past 12 months have truly demonstrated that we have a business anchored in its values and united behind its purpose.

“The vital role we play in our communities has been reinforced and our goal of making a positive difference reinvigorated. I have witnessed unparalleled levels of resilience, empathy and agility, and I’m proud to say that everyone in your Society has valiantly risen to the challenge.”.

The pandemic also led to a rapid rise in deposits and savings as well as an increasing demand for mortgages through the year. The building society now provides almost £2.2 billion -worth of mortgages.

The Cumberland’s chairman, John Hooper said: “I am humbled by the resilience and dedication our loyal colleagues have shown over the past 12 months.

“It has reinforced our belief that we have a unique team of great people who are committed to doing the right thing.

“Collectively, they have gone to extraordinary efforts to support our customers while ensuring the health and safety of all.”

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