@PBS / SECURE LOGIN
Try our Jargon Buster
To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Key Comparison Notes
| A discount off the Society’s Standard Variable Rate for 2 years of 2.16% | 2.59% |
| 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 remortgages only.
The minimum loan amount is £30,000.00.
The maximum loan amount is £750,000.00.
The maximum loan to value is 90%.
The Society will, subject to compliance with mortgage conditions, offer a 2.16% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 2.59%. 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 2.16% 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 2.16% 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 2.16% below the Society’s current variable rate, making the current rate payable 2.5% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 19 years would require 24 monthly payments of £683.69 and 228 monthly payments of £820.11 plus one initial interest payment of £141.33.
The total amount payable would be £204,283.22 made up of the loan amount plus interest (£70,752.22), 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.
Further Remortgage Products:
| Products | Prod Code | More Details | Distribution | Initial Rate | Initial Period | Reverts to | App Fee | Product Fee | Underwriting Fee | Free Val? | Fee Assisted Legals? | Max LTV | Min Loan Amount | Max Loan Amount | ERC | Features |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discounted Remortgage | RD18 | View Details | Direct | 2.59% | 2 Years | SVR | £199 | £500 | 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. | Yes | Yes | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | 2.16% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
| Fees Assist Discount Mortgage | ASFE | View Details | Broker Direct | 3.25% | 2 Years | SVR | Nil | Nil | For 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. | Yes | Yes | 90% | £75,000 | £450,000 | 2.00% During Disc Period | Overpayments up to 10% of original advance, per annum |
| Shared Ownership Remortgage | RESO | View Details | Broker Direct | 2.95% | 2 Years | SVR | Nil | Nil | Yes | Yes | 90% of share | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. | |
| Standard Variable Rate | SV18 | View Details | Broker Direct | 4.75% | N/A | N/A | £100 | £175 | 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. | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home Mortgage | H2ND | View Details | Broker Direct | 3.25% | 2 Years | SVR | £249 | £900 | For 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. | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
NOTES
LTV - Loan To Value
SVR - Standard Variable Rate (currently 4.75%)
Fee Assisted Legals - where the product selected includes fee assisted legals, the applicants must use the Society's nominated solicitors.
Fees Assist Discount Mortgage is subject to using the Society's nominated solicitors, and a contribution of up to £500 towards legal costs (excluding stamp duty) will be paid.
For loans in excess of 80% LTV, a higher lending charge will be payable. From time to time, the Society may meet this charge for you. Full details will be included within your ESIS Illustration. Where the fee is paid by Penrith Building Society, this will be up to a maximum of £1,500. Where the Higher Lending Charge is more than £1,500, you will be responsible for meeting the sum in excess of £1,500.
Self Build/Rennovation mortgage - 75% on plot / 75% max LTV available throughout the build, payable in arrears. Borrowers are expected to contribute their own funds in advance of mortgage draw down throughout the construction.
On a product by product basis, the Society applies limits to the maximum sum it is prepared to advance. These limits vary, dependent upon the product selected. Please refer to individual product information for further guidance.
LTV - Loan To Value
SVR - Standard Variable Rate (currently 4.75%)
Fee Assisted Legals - where the product selected includes fee assisted legals, the applicants must use the Society's nominated solicitors.
Fees Assist Discount Mortgage is subject to using the Society's nominated solicitors, and a contribution of up to £500 towards legal costs (excluding stamp duty) will be paid.
For loans in excess of 80% LTV, a higher lending charge will be payable. From time to time, the Society may meet this charge for you. Full details will be included within your ESIS Illustration. Where the fee is paid by Penrith Building Society, this will be up to a maximum of £1,500. Where the Higher Lending Charge is more than £1,500, you will be responsible for meeting the sum in excess of £1,500.
Self Build/Rennovation mortgage - 75% on plot / 75% max LTV available throughout the build, payable in arrears. Borrowers are expected to contribute their own funds in advance of mortgage draw down throughout the construction.
On a product by product basis, the Society applies limits to the maximum sum it is prepared to advance. These limits vary, dependent upon the product selected. Please refer to individual product information for further guidance.