Key Features

• Available for new purchases only.
• The minimum loan amount is £30,000.00.
• The maximum loan amount is £500,000.00.
• The maximum loan to value is 70%.
• 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.
• If the mortgage is on an interest only basis with the mortgaged property being the repayment vehicle, the Society reserves the right to require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each valuation will be as per the Society’s mortgage valuation fee scale at the time. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly. 
• If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
• As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
• This product may be withdrawn without notice.

Fees

• Product Fee – £999.  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 £106,960 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 £662.59 and a further 264 monthly payments of £793.99 plus one initial interest payment of £245.71.

The total amount payable would be £235,176.92 made up of the loan amount plus interest (£126,917.92) and a product fee of £999, a valuation fee of £250 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

Find a Broker Contact us

If you FAIL to keep up with payments on your mortgage a ‘Receiver of Rent’ may be appointed and/or your rental property may be repossessed.

Key Features

• Available for remortgages only.
• The minimum loan amount is £30,000.00.
• The maximum loan amount is £500,000.00.
• The maximum loan to value is 70%.
• 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 amount in years 1 and 2 and 1% on the excess amount in year 3.
• In the case of remortgages, the title of the property to be mortgaged, must be registered at the Land Registry prior to making an application. 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 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.
•  If the mortgage is arranged on an interest only basis, with the mortgaged property being the repayment vehicle, the Society reserves the right to require a five-yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each valuation will be as per the Society’s mortgage valuation fee scale at the time. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
• .If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
• As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
• This product may be withdrawn without notice.

Fees

• Product Fee – £999. 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.
• For properties valued up to £1m, the Society will meet the cost of one mortgage valuation.
• Mortgage exit fee – £50.00.  Payable upon redemption of the mortgage.

Representative Example

A mortgage of £143,130 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 £1,176.34 and a further 144 monthly payments of £1,316.37 plus one initial interest payment of £328.81.

The total amount payable would be £233,328.82 made up of the loan amount plus interest (£89,149.82) and a product fee of £999, 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

If you FAIL to keep up with payments on your mortgage a ‘Receiver of Rent’ may be appointed and/or your rental property may be repossessed.

Key Features

• The minimum loan amount is £30,000.00.
• The maximum loan amount is £500,000.00.
• The maximum loan to value is 70%.
• Available for new purchases, remortgages and mortgages on existing owner/holiday let property.
• 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 amount in years 1 and 2 and 1% on he excess amount in year 3.
• If the mortgage is arranged on an interest only basis, with the mortgaged property being the repayment vehicle, the Society reserves the right to require a five-yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each valuation will be as per the Society’s mortgage valuation fee scale at the time. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
• As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
• The product may be withdrawn without notice.

Fees

• Product Fee – £999.  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 – £50.00.  Payable upon redemption of the mortgage.

Representative Example

A mortgage of £195,350 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 £1,210.14 and 264 monthly payments of £1,450.13 plus one initial interest payment of £448.77.

The total amount payable would be £428,509.82 made up of the loan amount plus interest (£231,800.82) and a product fee of £999, a valuation fee of £310 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.

Find a Broker Contact us

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

If you FAIL to keep up with payments on your mortgage a ‘Receiver of Rent’ may be appointed and/or your rental property may be repossessed.