YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Eden Mortgage Boost Scheme
Penrith Building Society and Eden District Council, working together to support local home ownership…
Penrith Building Society is working with Eden District Council to help more local people on to the property ladder by reintroducing the Eden Mortgage Boost Scheme.
The scheme, first run between 2013-2016, helped local individuals achieve their home ownership aspirations, by reducing the size of the deposit they needed to buy a property.
Eden Mortgage Boost will help to reduce many of the initial costs a borrower faces. The Council is to provide grants, to meet the costs associated with arranging the required mortgage indemnity on 20% of the property’s value. This will allow someone with only a 5% deposit to access the Eden Mortgage Boost Scheme through the Penrith Building Society. The grant payment will be made directly to the building society.
Being committed to the community it serves, Penrith Building Society has added its support to this scheme by meeting the costs associated with one basic mortgage valuation of the property, all application and product fees have been waived, and as long as the mortgage applicants are using the Society’s solicitors, a contribution towards legal costs of up to £500 will also be provided.
Applicants will be required to meet certain criteria in order to qualify for the grant and the scheme is available to:
- A person or household who currently lives in Eden District and has done so for a continuous period of at least three years; and/or
- A person or household who works in, or has secured work within Eden District, for a minimum of 16 hours per week; and/ or
- Who has moved away but has strong established and continuous links with Eden District by reason of birth or long-term immediate family connections; and/or
- Who has an essential need through age or disability to live close to those who have lived in Eden District for at least three years.
The scheme, available from 1 April 2019, is offered on a limited basis. For more information about the Eden Mortgage Boost Scheme call Penrith Building Society on 01768 863675.
|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|
|Eden Mortgage Boost||EMB4||View Details||Direct Only||3.99%||2 Years||SVR||NIL||NIL||Yes||Yes||95%||£30,000||£171,000||2.00% During Disc Period|
Overpayments up to 10% of the outstanding loan per year.
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.