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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 0.76% | 3.99% |
| Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 4.75% |
| The overall cost comparison is: | 4.7% APRC |
Eden Mortgage Boost
Capital Repayment Basis only
The minimum loan amount is £30,000.00.
The maximum loan amount is £171,000.00.
The maximum purchase price/valuation is £180,000.00
Freehold / Leasehold properties acceptable. (Leasehold conditions apply.)
Property must be applicants main and ONLY residence.
The maximum loan to value is 95%.
This scheme is available on new purchases only.
The Society will, subject to compliance with mortgage conditions, offer a 0.76% discount off the Society’s Standard Variable Rate for 2 years, making the (current) rate payable 3.99%. After 2 years the Society’s standard variable rate, currently 4.75% will apply.
An early repayment charge will be payable if the mortgage is redeemed during the first two years. The early repayment charge will be equivalent to 2% of the capital balance at the time of redemption. 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.
Fees
- No Application or Product Fee.
- Mortgage valuation fee paid. If you require a Homebuyers Report in addition to the mortgage valuation this can be arranged at the same time, but you would have to pay the additional fee. The Society will meet the cost of one basic mortgage valuation.
- Higher Lending Charge – Variable (see page 6 of the Guide to Mortgage Services Booklet). Applicable if you borrow over 80% of the value of the property. Paid by Eden District Council. This is subject to satisfactory approval of a grant application to be made to Eden District Council. If the grant application is not approved by Eden District Council then the mortgage application cannot proceed under this mortgage scheme.
- Mortgage exit fee – £50.00. Payable upon redemption of the mortgage.
- 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). 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.
- The mortgage is not portable. If you wish to move house and require a loan, you will have to make a new application. The benefits associated with the Eden Mortgage Boost scheme are payable only once.
- Subject to suitable security and underwriting assessment.
This product may be withdrawn without notice.
Representative Example
A mortgage of £123,489.00 payable over 25 years on our discounted rate for 2 years at 0.76% below the Society’s current variable rate and then on our current variable rate of 4.75% (variable) for the remaining 23 years would require 24 monthly payments of £651.14 and 276 monthly payments of £700.58 plus one initial interest payment of £202.49.
The total amount payable would be £209,039.05 made up of the loan amount plus interest (£85,500.05) and a mortgage exit fee of £50.00
The overall cost for comparison is 4.7% APRC representative.
Further First Time Buyer or New Mortgage 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 Purchase | PD18 | 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. | No | No | 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 Purchase | PUSO | View Details | Broker Direct | 2.95% | 2 Years | SVR | Nil | Nil | No | No | 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.