The C&G is a commercial lender in the UK, in mortgages and savings: this organization is the UK's third largest mortgage financing body. But, before becoming a major lender, the Cheltenham & Gloucester was a building society, founded in 1850. Like the majority building societies of the time, the C&G Building Society served to help local citizens own a property.

In the late 19th Century, many building societies closed their doors once their original members had acieved their goal – purchasing a property. In contrast, the C&G became a permanent society, permitting new members so as to aid them to achieve the goal of home ownership as well. The Cheltenham & Gloucester stayed in this vein for a hundred and fifty years before demutualising in 1995. The C&G became a part of the Lloyds TSB Group, giving benefits to its members and opening up a new avenue of sales. It took a matter of months for C&G remortgage and mortgage deals to be available in every single branch of LloydsTSB in the country.

C&G Mortgages and Remortgages

As stated above, the C&G specialises principally on mortgage and savings products. C&G mortgage and remortgage loans are available to individuals who are buying a new residence, as well as those who currently have a agreement with another lender and wish to switch. You can get a C&G mortage at a fixed or variable rate; whichever suits your financial situation. Fixed rate mortgages allow you to maintain the same interest rate for 7 years, irrespective of the general increases in interest rates. This gives you a fixed of the terms of the fixed rate. Tracker mortgages follow the increases in mortgage rates, giving you the chance to possibly pay less over the mortgage term. In both cases, you can borrow between £25k and £1million, depending on your needs and financial status.

Existing customers of Cheltenham & Gloucester can get a Cheltenham and Gloucester remortgage, switching their existing deal to fit their new requirments. Customers may opt to borrow more money, or, if their existing mortgage program is ending, find a C&G remortgage that's more flexible for them. Customers in this situation should speak with the C&G and discuss their needs with an authorised agent from the building society. When the new scheme is verified, Cheltenham & Gloucester remortgages can come into effect as soon as the old deal ends.

The C&G also offers specific mortgage programs for people buying a property to let. This type of mortgage permits customers to borrow an upper limit of 85% of the value of the property. In terms of a new build flat, the loan to value rate (LTV) goes down to 65%. Any one customer may have as much as nine buy-to-let C&G mortgages. However, the total allowed loan amount is £5million. To apply for this variety of C&G mortgage, you ought to have earnings of at least £25,000 per year in non rental income, your property should be professionally managed, and the property must be in a good state without being sub-divided into separate living units. Half of your income from rent can be also used to estimate how much you may borrow.

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