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 (Purchase & Remortgage)

Capital Repayment and Interest Only 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.

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.

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 2.00% 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 2.00% on the excess amount.

Fees

  • Application Fee – £249. Payable on application. Non-refundable.
  • Product Fee – £800. 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This product may be withdrawn without notice.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 £196,625.00 payable over 24 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 22 years would require 24 monthly payments of £984.14 and 264 monthly payments of £1,133.50 plus one initial interest payment of £262.62.

The total amount payable would be £324,584.96 made up of the loan amount plus interest (£126,500.96), an application fee of £249, a product fee of £800.00, a valuation fee of £360 and a mortgage exit fee £50.00.

The overall cost for comparison is 4.7% 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.

Other Mortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discount (Purchase)P001View DetailsDirect Only2.75%2 YearsSVR£199£500NoNo90%£30,000£275,0002% During Disc Period

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

2 Year Discount – Large Loan (Purchase)P002View DetailsDirect Only2.75%2 YearsSVR£699£500NoNo90%£275,001£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2.00% During Disc Period

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

2 Year Discount – Large Loan (Remortgage)R252View DetailsDirect Only2.75%2 YearsSVR£699£500NoYes90%£275,001£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2.00% During Disc Period

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

2 Year Fixed Rate (Purchase)P008View DetailsDirect Only2.99%2 YearsSVR£199£800NoNo90%£75,000£250,0003% During Disc Period

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

Fees Assist Discount (Purchase & Remortgage)ASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£275,0002.00% During Disc Period

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

Shared Ownership (Purchase)P003View DetailsBroker & Direct2.95%2 YearsSVR£199NilNoNo90% of share£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 DetailsBroker & Direct4.75%N/AN/A£199£500NoNo90%£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 DetailsBroker & Direct3.25%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

Further Remortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Discount – Large Loan (Remortgage)R252View DetailsDirect Only2.75%2 YearsSVR£699£500NoYes90%£275,001£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)2.00% During Disc Period

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

2 Year Discount (Remortgage)R251View DetailsDirect Only2.75%2 YearsSVR£199£500YesYes90%£30,000£275,0002.00% During Disc 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

Fees Assist Discount (Purchase & Remortgage)ASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£275,0002.00% During Disc Period

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

Shared Ownership (Remortgage)R253View DetailsBroker & Direct2.95%2 YearsSVR£199NilYesYes90% of share£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 DetailsBroker & Direct4.75%N/AN/A£199£500NoNo90%£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 DetailsBroker & Direct3.25%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

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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 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.