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 3 years of 1.75%. 3.00%
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

Further Advance Residential

Interest Only and Capital Repayment Basis

This scheme is available for additional borrowing on a Residential Property Only.
The minimum loan amount is £5,000.00.
The maximum loan to value is 90%.

The Society will, subject to compliance with mortgage conditions, offer a 1.75% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 3.00%.  After 2 years the Society’s Standard Variable rate, currently 4.75% will apply 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 1.75% 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 1.75% on the excess amount.

Fees

  • Application Fee – £99   Payable on application.Non-refundable.
  • Valuation Fee – £100 (if applicable).  Payable on application. Not refundable once the valuation has been carried out.  A re-valuation may be required.
  • 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

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This product may be withdrawn without notice.

Important Information

There will be a cost for search fees that will be payable to the Society.  In some instances, there may be the need to instruct a Solicitor and these costs will also be payable by you.  If your original mortgage loan is presently benefiting from a discount or fixed rate product, once the original mortgage product term comes to an end, the ERC on the additional borrowing loan part can be waived and all parts of your mortgage switched onto a new mortgage product with the Society subject to eligibility. 

Representative Example

A mortgage of £37,146.34 payable over 25 years on our discounted rate for 2 years at 1.75% below the Society’s current variable rate, making the current rate payable 3.00% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 23 years would require 24 monthly payments of £176.15 and 276 monthly payments of £209.21 plus one initial interest payment of £45.80.

The total amount payable would be £62,113.69 made up of the loan amount plus interest (£24,868.35) and an application fee of £99.00.

The overall cost for comparison is 4.6% APRC representative.

Further Additional Borrowing Products (Existing Customers only):

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
Further Advance ResidentialADBRView DetailsBroker Direct3.00%2 YearsSVR£99NilNoNo90%£5,000£750,0001.75% 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 Advance Buy to LetADBLView DetailsBroker Direct3.49%3 YearsSVR£99NilNoNo70%£5,000£500,0001.26% 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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