'It's about the size of the impact' In association with CUMBERLAND BUILDING SOCIETY Stuart Miller, Chief Executive Officer at Cumberland Building Society (Image: Jonathan Becker) New chief executive Stuart Miller wants The Cumberland to build on its strong community roots, fill gaps left by departing high street banks and extend its impact across Cumbria. The new chief executive of The Cumberland Building Society has said he wants to build on the organisation's strong community presence while expanding its impact across the region. Stuart Miller, who joined The Cumberland after seven years as chief commercial officer and board member at Newcastle Building Society, has spent almost four decades working in financial services. He began his career at the age of 16, joining NatWest, in Stockton-on-Tees in 1987. "I've worked my way through the ranks and I think the fact that I started in very junior roles really has shaped me," he says. "I'd like to think I've still got a good handle on what it's like for the vast majority of our colleagues working for The Cumberland." He believes those early experiences also helped him understand the needs of customers, something which remains central to his leadership philosophy. "I think that's kept me extremely grounded," he says. "It's about making sure we look after our customers and we look after our people who are serving our customers." Stuart says becoming chief executive of The Cumberland represented a significant career opportunity. However, the approach of the building society itself was an equally important part of his decision to make the move. "It's always felt like it was going to be a very good fit for me and for the organisation," he said. Stuart says he wants The Cumberland to remain deeply embedded in the communities it serves, while finding opportunities to increase its physical presence. "I do think it's a credit to the organisation that when most of the banks are disappearing from our high streets, we make that long term commitment," he says. "I would like to say in five years' time that we fixed some of the gaps that have been left by the high street banks." He also wants the organisation to increase its wider impact, including through initiatives such as financial education. "I would like to think that the service that our customers are receiving is still just as warm and friendly and welcoming as it is today," he says. Ultimately, his ambition is not just to make The Cumberland bigger, but to increase the difference it makes to the communities around it. "It's not really about the size of the business. It's about the size of the impact that we can have in communities right across Cumbria." In association with CUMBERLAND BUILDING SOCIETY More Stories

Mortgage market update: major lenders reprice rates. Major lenders are adjusting mortgage rates, with significant cuts affecting borrowers across the UK market this week. By David Sampson 22 August 2026 * - The Moneyfacts Average New Two-Year Fixed Mortgage Rate has decreased slightly. * - borrowers can benefit from reduced rates from major lenders such as HSBC and Leeds Building Society. The UK mortgage market is experiencing significant adjustments as lenders have made changes to their rates this week. Notably, major lenders are leading the way with both rate cuts and some increases, impacting borrowers across various segments. What changes have major lenders made in the mortgage market? This week, several lenders implemented net rate cuts while one lender raised rates, and another made a mix of changes. The Moneyfacts Average New Two-Year Fixed Mortgage Rate fell, and the average new five-year fixed rate decreased as well. Key players in this repricing include: * HSBC, which cut selected fixed rates. * Leeds Building Society, reducing rates. * Nationwide Building Society, Nottingham Building Society, and Santander, each cutting rates. * Virgin Money, which reduced selected rates. * Skipton Building Society, with reductions on selected fixed rates. Who will be affected by these changes in the mortgage market? These adjustments primarily affect borrowers looking for fixed-rate mortgages, particularly first-time buyers and those remortgaging. The reductions from major lenders provide an opportunity for borrowers to secure lower monthly payments. Additionally, lenders like Gen H and Newcastle Building Society have introduced new products aimed at high LTV borrowers, which could benefit those purchasing new builds or looking for affordable options. What this means for borrowers in the mortgage market. For borrowers, the recent rate cuts signify a potential easing in borrowing costs, especially for those considering fixed-rate mortgages. With HSBC and others lowering rates, it may be an opportune moment to lock in a mortgage deal. However, some lenders have increased variable rates, which could impact those on tracker mortgages or discounted variable rates. Borrowers should carefully assess their options and consider whether to act now or wait for further changes. What should investors watch next in the mortgage market? Investors in the property market should keep a close eye on the ongoing shifts in the mortgage market. The introduction of new products and rate adjustments by lenders may influence property demand and pricing. Additionally, the competition among lenders could lead to more attractive deals in the near future, making it essential for investors to stay informed about the latest developments and market trends. For those looking to compare options, checking mortgage rate comparison can be beneficial. Frequently asked questions. What should I do if I have a variable rate mortgage? If you have a variable rate mortgage, monitor your lender's rate changes closely. With some lenders increasing their rates, it may be wise to consider switching to a fixed-rate mortgage if you anticipate further increases. Are there any new mortgage products available? Yes, several lenders have launched new mortgage products this week, including dedicated new-build deals and competitive fixed-rate options. It's advisable to compare these offerings to find the best fit for your financial situation. About David Sampson. David Sampson writes about the UK mortgage market for Mortgage118, covering specialist lending, market trends, and practical advice for borrowers. All content is reviewed for accuracy against FCA guidelines and current market data.

Major lenders lead repricing this week: Moneyfacts. Mortgage rates edged a little bit lower this week as several lenders made a series of selective rate cuts targeting certain borrowers. A total of 19 lenders made changes this week, with 11 making net rate cuts, one made net rate increases and another lender made a mix of changes. A handful of lenders also made range, fee or end-date changes. As a result, the Moneyfacts Average New Two-Year Fixed Mortgage Rate fell marginally from 5.61% to 5.60%, while the average new five-year fixed rate edged down from 5.64% to 5.63%. As Adam French, head of consumer finance at Moneyfacts points out: "The latest repricing was led by several major lenders. HSBC cut selected fixed rates by up to 20 basis points, while Leeds Building Society reduced selected rates by up to 18bps. Nationwide Building Society, Nottingham Building Society and Santander all cut selected fixed rates by up to 15bps, while Virgin Money reduced selected rates by up to 10bps." A few lenders also improved pricing for higher loan-to-value borrowers. Gen H reduced its fixed rates at 90% and 95% LTV by 15bps, while Newcastle Building Society launched a new five-year New Build Affordability Boost at 5.90% up to 95% LTV, with no fee and a free valuation. However, as French explains, the downward trend was not universal. Skipton Building Society reduced selected fixed rates by up to 22bps but increased some LTI Booster rates by up to 7bps and raised its two-year LTI Booster tracker by 10bps. Vernon Building Society also increased selected discounted variable rates by up to 43bps. "Product innovation is still a running theme despite, or possibly due to, the volatility this year has brought. HSBC significantly increased its maximum advances for high-value mortgages, while also launching new high-value fixed rates from 5.01% and two-year trackers from 4.65%." French added: "Perenna replaced its existing range with new five- and 10-year fixed products, including dedicated new-build deals, while Kensington launched new two- and five-year fixes from 5.37% and 5.51% respectively. Foundation also refreshed some of its ranges, with rates starting from 5.99% for two years and 6.34% for five years." "For borrowers looking for a new mortgage, the latest reductions will be welcome news, particularly at selected LTV bands. However, volatility in the US bond market has pushed up the cost of borrowing for governments across the globe, including the UK, as inflation concerns, the Iran conflict and government debt all weigh on markets. H concluded: "As a result, the costs that underpin mortgage pricing have risen again following a brief period of stability. It remains to be seen how it will all play out, but the bad news for borrowers is that it is likely to put some upward pressure on fixed mortgage rates in the coming weeks." Notable rate changes this week AIB (NI) - Fixed rates reduced by up to 6bps. Bank of Ireland Intermediaries - Fixed rates reduced by up to 10bps. Bank of Ireland UK - Selected fixed rates reduced by up to 10bps. Gen H - Fixed rates at 90% and 95% LTV reduced by 15bps. HSBC - Selected fixed rates reduced by up to 20bps. Leeds Building Society - Selected fixed rates reduced by up to 18bps. Nationwide Building Society - Selected fixed rates reduced by up to 15bps. Nottingham Building Society - Core and Life Happens fixed rates reduced by up to 15bps. Santander - Selected fixed rates reduced by up to 15bps. Skipton Building Society - Selected fixed rates reduced by up to 22bps, although some LTI Booster rates increased by up to 7bps; two-year LTI Booster tracker increased by 10bps. Virgin Money - Selected fixed rates reduced by up to 10bps. West Brom Building Society - Selected fixed rates reduced by up to 12bps. Vernon Building Society - Selected discounted variable rates increased by up to 43bps.