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.”
