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

Key Comparison Notes

A fixed rate for 2 years 2.99%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.6%
APRC

2 Year Fixed Rate (Remortgage)

Capital Repayment
Interest Only

This scheme is available on remortgages only.
The minimum loan amount is £75,000.00
The maximum loan amount is £250,000.00
The maximum loan to value is 90%, available to applicants based in, and properties located within CUMBRIA ONLY and up to 80% loan to value for applicants and security property located elsewhere (Direct).

Applicants must approach the Society directly to access this product.

The Society will, subject to compliance with mortgage conditions, offer a fixed rate of 2.99% for 2 years from the date of completion. After this the rate applicable will be the Society’s Standard Variable Rate, currently 4.75%, for the remaining term of the loan.

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 3.00% 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 3.00% on the excess amount.

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 for this mortgage product.

Fees

  • Application Fee – £199. Payable on application. Non-refundable.
  • Product Fee – £800.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.
  • 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 £158,035.00 payable over 28 years initially on a fixed rate for 2 years at 2.99%, and then on our current variable rate of 4.75% (variable) for the remaining 26 years would require 24 monthly payments of £694.94 and 312 monthly payments of £841.42 plus one initial interest payment of £194.19.

The total amount payable would be £280,713.16 made up of the loan amount plus interest (£121,359.16), an application fee of £199.00, a product fee of £800.00, a valuation fee of £270.00 and a mortgage exit fee of £50.00.

The overall cost for comparison is 4.6% 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:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discount – Large Loan (Remortgage)R260View DetailsDirect2.75%2 YearsSVR£699£500NoYes90% (Cumbria Only) 80% (Outside Cumbria)£275,001£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2.00% During Disc Period

  • A discount of 2% off the Society’s SVR for 2 years, initial rate payable 2.75%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • 2 Year Discount (Remortgage)R259View DetailsDirect2.75%2 YearsSVR£199£500YesYes90% (Cumbria Only) 80% (Outside Cumbria)£30,000£275,0002.00% During Disc Period

  • A discount of 2% off the Society’s SVR for 2 years, initial rate payable 2.75%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • 2 Year Fixed Rate (Remortgage)R256View DetailsDirect Only2.99%2 YearsSVR£199£800YesYes90%£75,000£250,0003.00% During Disc Period

    Overpayments up to 10% of the outstanding loan per year.
    Portable

    Shared Ownership (Remortgage)R253View DetailsDirect2.95%2 YearsSVR£199NilYesYes90% of share (Cumbria Only) 80% of share (Outside Cumbria)£50,000£250,0001.80% During Disc Period

  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • Standard Variable Rate (Purchase & Remortgage)SV19View DetailsDirect4.75%N/AN/A£199£500NoNo90% (Cumbria Only) 80% (Outside Cumbria)£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

    None
    (If HLC paid by Society, then this is repayable if loan redeemed within first 2 years)

    Second Home (Purchase & Remortgage)H2NDView DetailsDirect & Broker3.25%2 YearsSVR£249£800NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

  • Overpayments up to 10% of the outstanding loan per year.
  • Portable

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    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.
    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.