Mortgages for Individual Circumstances

Key Features

• This scheme is available on remortgages only.
• The minimum loan amount is £30,000.
• The maximum loan amount is £500,000.00
• The maximum loan to value is 90%.
• Part repayment and part interest only mortgages available.
• 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 less the permitted 10% overpayment allowance in the first year and 1% of the capital  repaid less the permitted 10% overpayment allowance in the second 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 year 1 and 1% on the excess amount in year 2.
• The title of the property to be mortgaged, must be registered at the land registry prior to making an application. The Society will pay the legal costs (including disbursements) if using the Society’s nominated solicitors, who will act for both the Society and borrower(s). This is on the assumption that the transaction is uncomplicated. 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.
• 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• This product may be withdrawn without notice.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

• 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.
• 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 £141,500 payable over 17 years on our discounted rate for 2 years at 2.25% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 15 years would require 24 monthly payments of £1,068.42 and 180 monthly payments of £1,231.05 plus one initial interest payment of £319.25. The total amount payable would be £247,660.07 made up of the loan amount plus interest (£106,110.07) and a mortgage exit fee of £50.

The overall cost for comparison is 7.4% 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.

Key Features

• This scheme is available on remortgages only.
• The minimum loan amount is £30,000.
• The maximum loan amount is £750,000.00
• The maximum loan to value is 80%.
• Part repayment and part interest only mortgages available.
• 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 less the permitted 10% overpayment allowance in the first year and 1% of the capital  repaid less the permitted 10% overpayment allowance in the second 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 year 1 and 1% on the excess amount in year 2.
• 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 the legal costs (including disbursements) if using the Society’s nominated solicitors, who will act for both the Society and borrower(s). This is on the assumption that the transaction is uncomplicated. 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.
• 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 strategy 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 £799. 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 £32,500 payable over 7 years on our discounted rate for 2 years at 2.25% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 5 years would require 24 monthly payments of £466.87 and 60 monthly payments of £492.76 plus one initial interest payment of £73.33. The total amount payable would be £41,690.87 made up of the loan amount plus interest (£8,341.87) a product fee of £799 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

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

Key Features

• The minimum loan amount is £30,000.00.
• The maximum loan amount is £400,000.
• The maximum loan to value is 75%.
• 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
• 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 less the overpayment allowance in year 1 and 2 and 1% of the capital repaid less the overpayment allowance in year 3.  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 on the excess amount.
• This product has  been developed to assist those with the following mortgage needs:
  • • Late payments
    • Defaults
    • County Court Judgements (CCJs)
    • Individual Voluntary Arrangements (IVAs)
    • Previous mortgage arrears
    • Bankruptcy
    • Debt management plans

Any applicant who:

1. within the last two years has owed overdue payments, in an amount equivalent to more than three months‘ payments, on a mortgage or other loan (whether secured or unsecured), except where the amount overdue reached that level because of late payment caused by errors by a bank or other third party; or
2. has been the subject of one or more county court judgments, with a total value greater than £500, within the last three years; or
3. has been subject to an individual voluntary arrangement or bankruptcy order which was in force at any time within the last three years;  
4. Has taken out more than one Pay Day Loan in the last 12 months;
5. Has had mortgage arrears of more than 2 months in the last 2 years;
6. Has had defaults on utility and communications payments of more than £2000 in total;
7. Has had their property repossessed within the last three years;

will not be acceptable to us.

Whether you are looking to move your mortgage from your current provider and borrow a little more to update your home or take out a new mortgage to purchase that dream home, speak with us to see if we can assist.

Fees

• Product Fee – £799. 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 £212,075 payable over 29 years on a variable rate for 3 years at 1.50% below the Society’s current variable rate, making the current rate payable 6.24% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 26 years would require 36 monthly payments of £1,319.90 and 312 monthly payments of £1,516.91 plus one initial interest payment of £543.84. The total amount payable would be £523,046.11 made up of the loan amount plus interest (£309,787.11) and a product fee of £799, a valuation fee of £335 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

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

Key Features

• Available for purchase and remortgage.
• The minimum loan amount is £30,000.00.
• 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%.
• 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 – £500.   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.
• Mortgage exit fee – £50.00.  Payable upon redemption of the mortgage.

Representative Example

A mortgage of £42,500 payable over 8 years on our variable rate at our current rate of 7.74% (variable) would require 96 monthly payments of £595.21, plus one initial interest payment of £135.18.

The total amount payable would be £58,420.08 made up of the loan amount plus interest (£14,785.08) and a product fee of £500, a valuation fee of £585 and a mortgage exit fee of £50.

The overall cost for comparison is 8.9% 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.

Key Features

• This scheme is available on new purchases only.
• The minimum loan amount is £30,000.
• The maximum loan amount is £500,000.
• The maximum loan to value is 90%.
• 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 less the permitted 10% overpayment allowance in the first year and 1% of the capital repaid less the permitted 10% overpayment allowance in the second 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 year 1 and 1% on the excess amount in year 2.
• 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. £799. 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.
• Mortgage exit fee – £50. Payable upon redemption of the mortgage.

Representative Example

A mortgage of £123,000 payable over 25 years on our discounted rate for 2 years at 2.25% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our current variable rate of 7.74% (variable) for the remaining 23 years would require 24 monthly payments of £754.59 and 276 monthly payments of £917.78 plus one initial interest payment of £277.51. The total amount payable would be £272,973.64 made up of the loan amount plus interest (£148,874.64) a product fee of £799, a valuation fee of £250 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

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