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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 1.76% | 6.23% |
| Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 7.99% |
| The overall cost comparison is: | 8.0% APRC |
2 Year Discount (Remortgage)
Capital Repayment
Interest Only
Part Capital Repayment and Part Interest Only
This scheme is available on remortgages only.
The minimum loan amount is £30,000.
The maximum loan amount is £300,000.00
The maximum loan to value is 90%.
The Society will, subject to compliance with mortgage conditions, offer a 1.76% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 6.23%. After 2 years the Society’s Standard Variable Rate, currently 7.99% will apply. The rate payable will not go below a floor rate of 2% during the discounted period.
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 1.76% of the capital repaid 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 1.76% 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).
- Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
- 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.
- 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 up to a maximum of £500 towards 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.
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 £170,000 payable over 22 years on our discounted rate for 2 years at 1.76% below the Society’s current variable rate, making the current rate payable 6.23% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 20 years would require 24 monthly payments of £1,184.45 and 240 monthly payments of £1,356.80 plus one initial interest payment of £435.25.
The total amount payable would be £355,713.70 made up of the loan amount plus interest (£184,629.70) and an application fee of £199, a product fee of £500, a valuation fee of £335 and a mortgage exit fee of £50.
The overall cost for comparison is 8.0% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Further Remortgage Products:
| Products | Prod Code | More Details | Distribution | Initial Rate | Initial Period | Reverts to | App Fee | Product Fee | Free Val? | Fee Assisted Legals? | Max LTV | Min Loan Amount | Max Loan Amount | ERC | Features |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discount – Large Loan (Remortgage) | R262 | View Details | Broker & Direct | 6.23% | 2 Years | SVR | £699 | £500 | No | Yes | 90% | £300,001 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | 1.76% During Disc Period |
|
| 2 Year Discount (Remortgage) | R261 | View Details | Broker & Direct | 6.23% | 2 Years | SVR | £199 | £500 | Yes | Yes | 90% | £30,000 | £300,000 | 1.76% During Disc Period |
|
| Heartland 2 Year Fixed Rate (Remortgage) | R273 | View Details | DIrect & Broker | 6.25% | 2 Years | SVR | £199 | £800 | Yes | Yes | 90% | £30,000 | £300,000 | 3.00% During Disc Period |
|
| Heartland 2 Year Discount (Remortgage) | R274 | View Details | Broker & Direct | 5.73% | 2 Years | SVR | £199 | £500 | Yes | Yes | 90% | £30,000 | £300,000 | 2.26% During Disc Period |
|
| Shared Ownership (Remortgage) | R263 | View Details | Broker & Direct | 6.43% | 2 Years | SVR | £199 | Nil | Yes | Yes | 90% of share | £50,000 | £250,000 | 1.56% During Disc Period |
|
| Standard Variable Rate (Purchase & Remortgage) | SV19 | View Details | Broker & Direct | 7.99% | N/A | N/A | £199 | £500 | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home (Purchase & Remortgage) | H2ND | View Details | Broker & Direct | 6.49% | 2 Years | SVR | £249 | £800 | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period |
|
NOTES
LTV - Loan To Value
SVR - Standard Variable Rate (currently 7.99%)
Fee Assisted Legals - where the product selected includes fee assisted legals, the applicants must use the Society's nominated solicitors.
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 - either in part or in full. Full details will be included within your ESIS Illustration. Normally where the fee is paid by Penrith Building Society, this will be up to a maximum of £1,500. Typically, 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/Renovation 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.