YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Homes for Ukraine Sponsorship scheme
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.
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
- You will need to continue making your full mortgage payments while part of the Homes for Ukraine Scheme and should factor this into account when considering entering the Scheme.
- Whilst we support the Scheme, we may not be able to support applications in a few extreme circumstances for example where you are
- more than six months in arrears
- repossession proceedings are underway
- in vulnerable circumstances
- there is a situation involving fraud or financial abuse
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.