The Cheltenham and Gloucester Building Society

The C&G is a commercial lender in the UK, that specializes in savings plans and mortgages: the C&G is the country's third largest mortgage arranger. But, before it became a major lender, the Cheltenham and Gloucester was a building society, created in the 1850s. Like the majority building societies of the time, the Cheltenham & Gloucester Building Society strove to help local citizens buy their homes.

At the end of the 19th Century, many mutual building societies closed shop once their original members had accomplished their goal – owning a property. In contrast, the Cheltenham & Gloucester became a permanent building society, accepting new members in order to aid them to achieve the goal of house ownership as well. The building society continued in this form for a hundred and fifty years before it demutualized in 1995. The C&G became a part of the Lloyds TSB Group, giving dividends to its stakeholders and opening up a new area of sales. It took literally a couple of months for Cheltenham & Gloucester remortgage and mortgage deals to be available in each branch of Lloyds Bank in the whole of the United Kingdom.

Cheltenham and Gloucester Mortgages

As discussed previously, the Cheltenham & Gloucester concentrates principally on mortgage and savings products. Cheltenham & Gloucester mortgage loans are available to people who are purchasing a new home, as well as those who currently have a agreement with another lender and would like to switch. You can obtain a Cheltenham & Gloucester mortage at a fixed rate or a variable one; dependent upon your financial situation. Fixed rate mortgages allow you to keep the same rate of interest for seven years, irrespective of the general decreases in interest rates. This gives you a fixed of the terms of the fixed rate. A tracker mortgage follow the decreases in interest rates, giving you the chance to possibly pay less over time. In each case, you are able to borrow between £25k and £1million, depending on your financial situation and needs.

Existing members of the company can get a C&G remortgage, swapping their present loan to fit their new situation. Members can decide to borrow a larger amount, or, if their existing mortgage scheme is about to end, find a Cheltenham & Gloucester remortgage that is more appropriate for them. Members in this situation might like to communicate with the C&G and think through their options with an authorised agent from the building society. When the new scheme is selected, Cheltenham and Gloucester remortgages can go into place as soon as the old scheme stops.

The C&G also offers specialised mortgage schemes for people people who wish to buy-to-

let. This

product allows borrowers to borrow up to a ceiling of eighty-five percent of the property's value. This amount drops to 65% in the case of new build appartments. Any one borrower may have as much as nine buy-to-let Cheltenham & Gloucester mortgages. However, the total permitted loan amount is £5m. To apply for this type of Cheltenham & Gloucester mortgage, you ought to have earnings of at least £25k per annum in non rental income, your property has to be professionally managed, and the property must be in a good state of repair without being divided into separate living units. 50% of your income from property may be also used to estimate how much you can borrow.




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