The product has a term of 2-years, a minimum loan value of £200,000, and it is available directly through The Cumberland for customers nationally.

Paul Collins, head of product at The Cumberland Building Society, said: “We’re currently seeing a boom in the property market driving purchase prices up as buyers look to find the right living space following the pandemic and taking advantage of the various government support schemes.

“To help keep the costs for our customers down we’re pleased to be offering one of the lowest rates on the market.

“This is the first time we have been able to offer a fixed rate [residential] mortgage below 1% which will enable consumers to make significant savings on their existing deals too.”