YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Remortgage your Home with Penrith Building Society

I’d like to know more about remortgaging my home

Remortgaging – essentially switching your existing mortgage to a new deal – offers a range of possible solutions. You’re not moving house, and the new mortgage is still secured against the same property. It’s a way to free up some equity, whether it’s for home improvements, repaying loans or credit cards, buying something nice like a new car, purchasing another property, or anything else. We may also be able to help you get a better rate or extend the mortgage term.

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discount – Large Loan (Remortgage)R260View DetailsDirect2.75%2 YearsSVR£699£500NoYes90% (Cumbria Only) 80% (Outside Cumbria)£275,001£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2.00% During Disc Period

  • A discount of 2% off the Society’s SVR for 2 years, initial rate payable 2.75%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • 2 Year Discount (Remortgage)R259View DetailsDirect2.75%2 YearsSVR£199£500YesYes90% (Cumbria Only) 80% (Outside Cumbria)£30,000£275,0002.00% During Disc Period

  • A discount of 2% off the Society’s SVR for 2 years, initial rate payable 2.75%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • 2 Year Fixed Rate (Remortgage)R256View DetailsDirect Only2.99%2 YearsSVR£199£800YesYes90%£75,000£250,0003.00% During Disc Period

    Overpayments up to 10% of the outstanding loan per year.
    Portable

    Shared Ownership (Remortgage)R253View DetailsDirect2.95%2 YearsSVR£199NilYesYes90% of share (Cumbria Only) 80% of share (Outside Cumbria)£50,000£250,0001.80% During Disc Period

  • Overpayments up to 10% of the outstanding loan per year
  • Portable
  • Standard Variable Rate (Purchase & Remortgage)SV19View DetailsDirect4.75%N/AN/A£199£500NoNo90% (Cumbria Only) 80% (Outside Cumbria)£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

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

    Second Home (Purchase & Remortgage)H2NDView DetailsDirect & Broker3.25%2 YearsSVR£249£800NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

  • Overpayments up to 10% of the outstanding loan per year.
  • Portable

  • 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.
    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.
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