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Key Comparison Notes

A discount off the Society’s Standard Variable Rate for 2 years of 2% 2.75%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.5%
APRC

2 Year Discounted Remortgage

Interest Only and Capital Repayment Basis

This scheme is available on new purchases only.
The minimum loan amount is £30,000.
The maximum loan amount is £750,000.00 for loan to value up to 75% and £450,000.00 for 90% loan to value.
The maximum loan to value is 90%.

The Society will, subject to compliance with mortgage conditions, offer a 2% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 2.75%. After 2 years the Society’s Standard Variable Rate, currently 4.75% will apply.

The title of the property to be mortgaged must be registered at the land registry prior to making an application for this mortgage product.

An early repayment charge will be payable if the mortgage is redeemed within the first two years. The early repayment charge will be equivalent to 2% of the capital repaid. Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. Any amount repaid over the 10% limit will incur an early repayment charge of 2% on the excess amount.

Fees

  • Application Fee – £199. Payable on application. Non-refundable.
  • Product Fee – £500. Payable in advance, refundable prior to completion. Can be added to loan (subject to LTV limits) Can be deducted from advance upon completion (subject to LTV limits).
  • Underwriting Fee – For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. Payable on acceptance of the mortgage offer. Can be added to loan (subject to LTV limits). Can be deducted from advance upon completion (subject to LTV limits). The fee must be paid to the Society prior to the advance monies being released. This fee is non-refundable.
  • For properties valued up to £1m, the Society will meet the cost of one mortgage valuation.
  • Higher Lending Charge – Variable. Applicable if you borrow over 80% of the value of the property. A maximum contribution of £1,500.00 is paid by Penrith Building Society
  • Mortgage exit fee – £50.00. Payable upon redemption of the mortgage
  • For remortgages on existing unencumbered owner occupied property the Society will, for this application, pay legal costs (including disbursements), if using the Society’s nominated solicitors, who will act for both the Society and borrower(s). For mortgage applications where additional legal work is required, you will be liable for the cost of any additional legal fees, but these will be agreed between you and the Solicitors before the additional work is carried out. Once legal works have commenced if you withdraw from the transaction or fail to take up the mortgage advance then you will become responsible for all the legal costs without a contribution from the Society.

This mortgage is portable, subject to suitable security and underwriting assessment.

Where any part of the loan is arranged on an interest only basis, the interest only element must not exceed 50% LTV. A suitable repayment vehicle sufficient to cover the interest only part of the loan needs to be in place.

This product may be withdrawn without notice.

Representative Example

A mortgage of £132,782.00 payable over 21 years on our discounted rate for 2 years at 2% below the Society’s current variable rate, making the current rate payable 2.75% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 19 years would require 24 monthly payments of £694.21 and 228 monthly payments of £821.25 plus one initial interest payment of £150.06.

The total amount payable would be £204,805.42 made up of the loan amount plus interest (£71,274.42), an application fee of £199.00, a product fee of £500.00 and a mortgage exit fee £50.00.

The overall cost for comparison is 4.5% APRC representative.

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeUnderwriting FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discounted RemortgageR250View DetailsBroker2.75%2 years4.75%£199£500For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. YesYes90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

2 Year Discounted PurchaseP000View DetailsBroker2.75%2 years4.75%£199£500For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply.NoNo90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Foreign Currency Residential (Purchase & Remortgage)FCRMView DetailsSelected Brokers Direct3.75%3 YearsSVR£199£1250For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo75%£75,000£500,0003% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Fees Assist Discount MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilFor loans between £275,000 and £450,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £450,000 with an LTV of >75% an underwriting fee of £1000 will apply. YesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum
Portable

Shared Ownership PurchasePUSOView DetailsBroker Direct2.95%2 YearsSVRNilNilNoNo90% of share£50,000£250,0001.80% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Shared Ownership RemortgageRESOView DetailsBroker Direct2.95%2 YearsSVRNilNilYesYes90% of share£50,000£250,0001.80% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Self Build/Renovation Mortgage SchemeSELFView DetailsBroker Direct4.99%2 YearsSVR + 0.75%£100£500For loans between £275,000 and £300,000 with an LTV of <75% an underwriting fee of £500 will apply.NoNo75%£30,000£300,0003.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
For owner occupation only

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply.NoNo90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

None
(If HLC paid by Society, then this is repayable if loan redeemed within first 2 years)

Buy to Let PurchaseBLP8View DetailsBroker Direct3.49%3 YearsSVR£249£800For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo70%£30,000£500,0001.26% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Buy to Let RemortgageBLR8View DetailsBroker Direct3.49%3 YearsSVR£249£800For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.YesYes70%£30,000£500,0001.26% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Holiday Let MortgageHOL8View DetailsBroker Direct4.25%3 YearsSVR£249£800For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo70%£30,000£500,0002.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Second Home MortgageH2NDView DetailsBroker Direct3.25%2 YearsSVR£249£900For loans between £275,000 and £500,000 an underwriting fee of £500 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply.NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Further Advance ResidentialADBRView DetailsBroker Direct3.00%2 YearsSVR£99NilFor loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply.NoNo90%£5,000£750,0001.75% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Further Advance Buy to LetADBLView DetailsBroker Direct3.49%3 YearsSVR£99NilFor loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo70%£5,000£500,0001.26% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Expat ResidentialREXPView DetailsSelected Brokers Direct3.89%3 YearsSVR£249£1250For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo75%£75,000£500,0003.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Expat Buy to LetBEXPView DetailsSelected Brokers Direct3.99%3 YearsSVR£249£1350For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo70%£75,000£500,0003.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Lending Criteria

Lending Criteria

Call Us at Penrith Building Society

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