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:||4.5%
Residential Further Advance
Part Capital Repayment and Part Interest Only
This scheme is available for additional borrowing on a Residential Property Only.
The minimum loan amount is £5,000.00.
The maximum loan amount is £750,000.00 for loan to value up to 75% and £450,000.00 for 90% loan to value.
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 additional borrowing is redeemed within the first two years. The early repayment charge will be equivalent to 1.75% of the capital repaid less the permitted 10% overpayment allowance.. 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.
- 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 80% of the value of the property. A maximum contribution of £1,500.00 is paid by Penrith Building Society
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.
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.
A mortgage of £20,000.00 payable over 15 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 13 years would require 24 monthly payments of £138.12 and 156 monthly payments of £153.35 plus one initial interest payment of £24.66.
The total amount payable would be £27,461.58 made up of the loan amount plus interest (£7,262.58) and an application fee of £99.00, and a valuation fee of £100.00.
The overall cost for comparison is 4.5% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Further Additional Borrowing Products (Existing Customers only):
|Products||Prod Code||More Details||Distribution||Initial Rate||Initial Period||Reverts to||App Fee||Product Fee||Free Val?||Fee Assisted Legals?||Max LTV||Min Loan Amount||Max Loan Amount||ERC||Features|
|Residential Further Advance||ADBR||View Details||Direct||3.00%||2 Years||SVR||£99||Nil||No||No||90%||£5,000||£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)||1.75% During Disc Period|
|Buy to Let Further Advance||ADBL||View Details||Broker & Direct||3.49%||3 Years||SVR||£99||Nil||No||No||70%||£5,000||£500,000||1.26% During Disc Period||