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 2 years of 1.50% 3.25%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.7%
APRC

Second Home Mortgage

Interest Only and Capital Repayment Basis

Capital repayment or Interest only.
The scheme is available on Remortgages or Purchases.
The minimum loan amount is £75,000.00.
The maximum loan amount is £750,000.00.
The maximum loan to value is 70% on interest only and 75% on capital repayment.
This scheme is available to borrowers wishing to purchase a minimum of 25% share of a property on a leasehold basis. The freehold of the property is owned by a housing association and rent is payable to them. Security is held over the leasehold on the owned proportion of the property, not the freehold.
The Society requires that the Mortgagee Protection Clause be contained within the lease document.

The Society will, subject to compliance with mortgage conditions, offer a 1.50% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 3.25%.  After 2 years the Society’s Standard Variable Rate, currently 4.75% will apply for the remaining term of the loan.

In the case of remortgages, the title of the property to be mortgaged must be registered at the land registry prior to making an application for this mortgage product.  At no point can the property be rented out.  Satisfactory buildings insurance must be provided confirming that the insurers are aware that the property will be unoccupied for a period of time.

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 2% 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 2% on the excess amount.

Fees

  • Application Fee – £249. Payable on application. Non-refundable.
  • Product Fee – £900. Payable in advance, refundable prior to completion. Can be added to loan (subject to LTV limits). Can be deducted from advance upon completion (subject to LTV limits).
  • Valuation fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
  • Mortgage exit fee – £50.00.  Payable upon redemption of the mortgage.

This mortgage is portable, subject to suitable security and underwriting assessment.

This product may be withdrawn without notice.

Representative Example

A mortgage of £170,000.00 payable over 25 years on our discounted rate for 2 years at 1.50% below the Society’s current variable rate, making the current rate payable 3.25% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 23 years would require 24 monthly payments of £828.44 and 276 monthly payments of £959.24 plus one initial interest payment of £227.05.

The total amount payable would be £286,358.63 made up of the loan amount plus interest (£114,859.63), an application fee of £249, a product fee of £900.00, a valuation fee of £300 and a mortgage exit fee £50.00.

The overall cost for comparison is 4.7% APRC representative.

Further First Time Buyer or New Mortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discounted PurchasePD18View DetailsBroker Direct2.59%2 YearsSVR£199£500NoNo90%£30,000£750,000, £450,0002.16% 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

Fees Assist Discount MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum
Portable

Shared Ownership PurchasePUSOView DetailsBroker Direct2.95%2 YearsSVRNilNilNoNo90%£50,000£250,0001.80% 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

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175NoNo90%£30,000£750,000, £450,000Yes

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

Second Home MortgageH2NDView DetailsBroker Direct3.25%2 YearsSVR£249£900NoNo75% C&I, 70% IO£75,000£750,0002.00% 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 Remortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discounted RemortgageRD18View DetailsBroker Direct2.59%2 YearsSVR£199£500YesYes90%£30,000£450,0002.16% 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

Fees Assist Discount MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum
Portable

Shared Ownership RemortgageRESOView DetailsBroker Direct2.95%2 YearsSVRNilNilYesYes90%£50,000£250,0001.80% 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

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175NoNo90%£30,000£750,000, £450,000Yes

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

Second Home MortgageH2NDView DetailsBroker Direct3.25%2 YearsSVR£249£900NoNo75% C&I, 70% IO£75,000£750,0002.00% 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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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.
Fees Assist Discount Mortgage is subject to using the Society's nominated solicitors, and a contribution of up to £500 towards legal costs (excluding stamp duty) will be paid.
For loans in excess of 75% 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 with your Key Facts 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.