Key Features

• The minimum loan amount is £75,000.
• The maximum loan amount is £500,000.
• The maximum loan to value is 80% for repayment mortgages and 50% for interest only.
• The minimum income allowed for this mortgage is £40,000 (UK sterling equivalent)
• Product Fee – Payable in advance. Refundable prior to completion. Can be added to loan as long as the maximum loan to value is not exceeded.
• Open to residents of the EU/EEA with the exception of Italy and The Netherlands
• An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3 less the permitted 10% annual 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% of the excess amount in years 1 and 2 and 1% of the excess amount in year 3.
• Available for purchases, remortgages and mortgages on existing owner occupied (unencumbered) property and where the borrower works in the UK or overseas for a multinational company but is paid in a currency other than GBP. Acceptable currencies are: Australian Dollars, Canadian Dollar, Chinese CNY/RMB, Denmark Krone, Euro, Hong Kong Dollars, Norway Krone, Qatari Ryals, Saudi Ryal, Singapore Dollars, Swedish Krone, Swiss Francs,  US Dollar, U.A.E. (Emirati) Dirhams.
• Minimum income £40,000 (sterling equilvalent). For the purposes of affordability, income will be subject to 20% (haircut) reduction, prior to any affordability assessment or the application of a stress test.
• This product is available to borrowers wishing to remortgage their existing property.  However, we will not offer any incentive in terms of free valuations or fee assisted legal work. These expenses will be met by the borrower.

Fees

• Product Fee – £1499. 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.
• Mortgage Exit Fee – £50. Payable upon redemption of the mortgage.

Representative Example

A mortgage of £168,214 payable over 25 years on our discounted rate for 3 years at 2.15% below the Society’s current variable rate, making the current rate payable 5.59% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 22 years would require 36 monthly payments of £1,042.04 and a further 264 monthly payments of £1,248.70 plus one initial interest payment of £386.43.

The total amount payable would be £369,634.44 made up of the loan amount plus interest (£199,601.44) and a product fee of £1,499, a valuation fee of £270 and a mortgage exit fee of £50.

The overall cost for comparison is 7.5% 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.

You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at at each anniversary.  Full details will be found in your Mortgage Illustration (ESIS)

An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3, less a permitted 10% overpayment allowance per year. 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 years 1 and 2 and 1% on the excess amount in year 3.

Representative Example

A mortgage of £301,380 payable over 21 years on our variable rate for 3 years at 5.99% and then on our current variable rate of 7.74% (variable) for the remaining 18 years would require 36 monthly payments of £2,104.46  and 216 monthly payments of £2,386.88  plus one initial interest payment of £741.89.  The total amount payable would be £594,388.23 made up of the loan amount plus interest (£291,029.23) a valuation fee of £430, a product fee of £1,499 and a mortgage exit fee of £50.

The overall cost for comparison is 7.5% 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 circmstances please contact us directly using the button below.

Find a Broker Contact us

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

Key Features

• The minimum loan amount is £50,000.00.
• The maximum loan amount is £450,000.00.
• The maximum loan to value is 50% on interest only / 80% on capital repayment.
• Part Repayment / Part Interest Only mortgages available.
• An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3, 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 in years 1 and 2 and 1% on the excess in year 3.
• Satisfactory buildings insurance (including public liability cover) must be arranged, and evidence provided to the Society, confirming that the insurer is aware that elements of the property will be occupied on a holiday let / tenanted basis.
• 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 strategy sufficient to cover the interest only part of the loan needs to be in place.

The product may be withdrawn without notice.

Fees

• Product Fee – £1,499.   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.
• Mortgage exit fee – £50. Payable upon redemption of the mortgage.

Representative Example

A mortgage of £158,200 payable over 15 years  on our discounted rate for 3 years at 2.15% below the Society’s current variable rate, making the current rate payable 5.59% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 12 years would require 36 monthly payments of £1,300.19 and 144 monthly payments of £1,454.97 plus one initial interest payment of £363.43

The total amount payable would be £258,555.31 made up of the loan amount plus interest (£98,536.31) and a product fee of £1499, a valuation of £270 and a mortgage exit fee of £50

The overall cost for comparison is 7.3% 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.

Find a Broker Contact us

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

You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at at each anniversary.  Full details will be found in your Mortgage Illustration (ESIS)

Representative Example

An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3, less a permitted 10% overpayment allowance per year. 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 years 1 and 2 and 1% on the excess amount in year 3.

Representative Example

A mortgage of £129,616 payable over 25 years on our variable rate for 3 years at 5.79% and then on our current variable rate of 7.74% (variable) for the remaining 22 years would require 36 monthly payments of £818.56  and 264 monthly payments of £963.85  plus one initial interest payment of £308.42.  The total amount payable would be £286,216.66 made up of the loan amount plus interest (£154,816.66) a valuation fee of £235, a product fee of £1,499 and a mortgage exit fee of £50.

The overall cost for comparison is 7.6% 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 circmstances please contact us directly using the button below.

Find a Broker Contact us

You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at at each anniversary.  Full details will be found in your Mortgage Illustration (ESIS)

An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3, less a permitted 10% overpayment allowance per year. 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 years 1 and 2 and 1% on the excess amount in year 3.

Representative Example

A mortgage of £129,616 payable over 25 years on our variable rate for 3 years at 5.79% and then on our current variable rate of 7.74% (variable) for the remaining 22 years would require 36 monthly payments of £818.56 and 264 monthly payments of £963.66  plus one initial interest payment of £308.42.  The total amount payable would be £285,971.49 made up of the loan amount plus interest (£154,806.49), a product fee of £1,499 and a mortgage exit fee of £50.

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.

Find a Broker Contact us