YOUR 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 1.50% 3.25%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.5%
APRC

Fees Assist Discount Mortgage

Interest Only and Capital Repayment Basis

For new purchases and remortgages.
The minimum loan amount is £75,000.00.
The maximum loan amount is £450,000.00.
The maximum purchase price/valuation is £500,000.00
The maximum loan to value is 90%.

The Society will, subject to compliance with mortgage conditions, offer a 1.50% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 3.25%. 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 repaid. 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 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.

On new purchases, remortgages and mortgages on existing owner occupied property the Society’s nominated solicitors act for both the Society and borrower(s).

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.
  • Higher Lending Charge – Variable.  Applicable if you borrow over 75% 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 purchases, remortgages and mortgages on existing unencumbered owner occupied property 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.

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 £75,000.00 payable over 19 years on our discounted rate for 2 years at 1.50% below the Society’s current variable rate, making the current rate payable 3.25% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 17 years would require 24 monthly payments of £441.33 and 204 monthly payments at £494.33 plus one initial interest payment of £100.17.

The total amount payable would be £111,586.27 made up of the loan amount plus interest (£36,536.27), and a mortgage exit fee of £50.00.

The overall cost for comparison is 4.5% APRC representative.

Further First Time Buyer or New Mortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discounted PurchasePD18View DetailsBroker Direct2.59%2 YearsSVR£199£500NoNo90%£30,000£750,000, £450,0002.16% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Fees Assist Discount MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum
Portable

Shared Ownership PurchasePUSOView DetailsBroker Direct2.95%2 YearsSVRNilNilNoNo90%£50,000£250,0001.80% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175NoNo90%£30,000£750,000, £450,000Yes

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

Second Home MortgageH2NDView DetailsBroker Direct3.25%2 YearsSVR£249£900NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Further Remortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discounted RemortgageRD18View DetailsBroker Direct2.59%2 YearsSVR£199£500YesYes90%£30,000£450,0002.16% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Fees Assist Discount MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum
Portable

Shared Ownership RemortgageRESOView DetailsBroker Direct2.95%2 YearsSVRNilNilYesYes90%£50,000£250,0001.80% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175NoNo90%£30,000£750,000, £450,000Yes

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

Second Home MortgageH2NDView DetailsBroker Direct3.25%2 YearsSVR£249£900NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
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.
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 75% 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 with your Key Facts 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.