Key Features

• This scheme is available for additional borrowing on a Residential Property Only.
• The minimum loan amount is £15,000.00.
• 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%.
• An early repayment charge will be payable if the additional borrowing is redeemed within the first two years. The early repayment charge will be equivalent to 2% of the capital repaid in year 1 and 1% of the capital repaid in year 2, less the permitted 10% overpayment allowance. 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 in year 1 and 1% on the excess amount in year 2.
• There will be a cost for search fees that will be payable to the Society. In some instances, there may be the need to instruct a Solicitor and these costs will also be payable by you. If your original mortgage loan is presently benefiting from a discount or fixed rate product, once the original mortgage product term comes to an end, the ERC on the additional borrowing loan part can be waived and all parts of your mortgage switched onto a new mortgage product with the Society subject to eligibility.
• 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repayment vehicle sufficient to cover the interest only part of the loan needs to be in place.This product may be withdrawn without notice.

Fees

• Product Fee – £99  Payable in advance. Refundable prior to completion. Can be added to loan as long as the maximum loan to value is not exceeded
• Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
• Higher Lending Charge – Variable.  Applicable if you borrow over 80% of the value of the property. This will be paid by us.

Representative Example

A mortgage of £50,800 payable over 17 years and 3 months on our discounted rate for 2 years at 1.75% below the Society’s current variable rate, making the current rate payable 5.99% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 15 years and 3 months would require 24 monthly payments of £394.22 and 183 monthly payments of £440.45 plus one initial interest payment of £125.05.

The total amount payable would be £90,540.52 made up of the loan amount plus interest (£39,411.52) and a product fee of £99 and a valuation fee of £230

The overall cost for comparison is 7.7% APRC representative.

This representative example assumes a mortgage completion date on the 15th day of a calendar month.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from Penrith Building Society.  They are not specific to your circumstances. For a Mortgage Illustration, which takes into account your specific circumstances please contact us directly using the button below.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.