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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Penrith Building Society is supportive of the government’s Homes for Ukraine Sponsorship scheme, which will enable homeowners across the UK to provide accommodation in their own home, an existing buy to let or holiday home property to refugees fleeing the war.
Guidance for homeowners and landlords who wish to be part of the scheme is available here along with a frequently asked questions document
If you hold a mortgage with the Society and you are accepted as sponsors, you should let us know before the Ukrainian National arrives at your property.
The Society will not make any changes to your mortgage product terms or conditions or charge any fees in respect of your intention to host though the Homes for Ukraine Sponsorship scheme, however you should consider the below when thinking about participation in the Scheme
The Society will require that you (as the host / sponsor) enter into the appropriate licence agreement with your guest, as this will be helpful in ensuring all parties are clear on the terms of the arrangement. There are two kinds of model agreement that could be used; an Excluded Licence Agreement or an Excluded Tenancy Agreement.
If your guests are sharing accommodation with you, for example using guest bedrooms and sharing a kitchen with you, the Excluded Licence Agreement is most suitable. If your guests are living in self-contained accommodation (such as a holiday let) then the Excluded Tenancy Agreement is most suitable.
We will update our website as further guidance emerges and we would recommend that any borrowers applying to be sponsors keep up to date with government guidance as it develops over the coming weeks.
Please contact us if you have any queries.
To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
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