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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 2.50% | 5.49% |
| Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 7.99% |
| The overall cost for comparison is: | 7.6% APRC |
2 Year National Remortgage Discount
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 £750,000.00
The maximum loan to value is 80%.
The Society will, subject to compliance with mortgage conditions, offer a 2.50% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 5.49%. 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 3% 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 2% of the capital repaid less the permitted 10% overpayment allowance in the first year and 1% of the capital balance 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.
Fees
- Product Fee £500
- 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.
- 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 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 £141,500 payable over 17 years on our discounted rate for 2 years at 2.50% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 15 years would require 24 monthly payments of £1,068.42 and 180 monthly payments of £1,249.86 plus one initial interest payment of £319.25. The total amount payable would be £251,548.63 made up of the loan amount plus interest (£109,498.63) a product fee of £500 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.
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 Heartland Fixed Rate Remortgage | R277 | View Details | Broker & Direct | 5.19% | 2 Years | SVR | £199 | £0 | Yes | Yes | 80% | £50,000 | £750,000 | 2% of amount repaid in excess of overpayment allowance in year 1 and 2 |
|
| 2 Year Heartland Remortgage Discount | R275 | View Details | Broker & Direct | 5.49% | 2 Years | SVR | £0 | £0 | Yes | Yes | 90% | £30,000 | £500,000 | 2% of amount repaid in year 1 in excess of overpayment allowance in year 1 and 1% of the amount repaid in excess of the overpayment allowance in year 2 |
|
| 2 Year National Remortgage Discount | R276 | View Details | Broker & Direct | 5.49% | 2 Years | SVR | £0 | £500 | Yes | Yes | 80% | £30,000 | £750,000 | 2% of amount repaid in year 1 in excess of overpayment allowance in year 1 and 1% of the amount repaid in excess of the overpayment allowance in year 2 |
|
| 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.