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Find the AnswerYOUR 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).
- Underwriting Fee – For loans between £275,000 and £500,000 an underwriting fee of £500 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. Can be added to loan (subject to LTV limits). Can be deducted from advance upon completion (subject to LTV limits). The fee must be paid to the Society prior to the advance monies being released. This fee is non-refundable.
- 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.
Other Mortgage Products:
| Products | Prod Code | More Details | Distribution | Initial Rate | Initial Period | Reverts to | App Fee | Product Fee | Underwriting Fee | Free Val? | Fee Assisted Legals? | Max LTV | Min Loan Amount | Max Loan Amount | ERC | Features |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discounted Purchase | PD18 | View Details | Direct | 2.59% | 2 Years | SVR | £199 | £500 | For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | 2.16% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
| Fees Assist Discount Mortgage | ASFE | View Details | Broker Direct | 3.25% | 2 Years | SVR | Nil | Nil | For loans between £275,000 and £450,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £450,000 with an LTV of >75% an underwriting fee of £1000 will apply. | Yes | Yes | 90% | £75,000 | £450,000 | 2.00% During Disc Period | Overpayments up to 10% of original advance, per annum |
| Shared Ownership Purchase | PUSO | View Details | Broker Direct | 2.95% | 2 Years | SVR | Nil | Nil | No | No | 90% of share | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. | |
| Standard Variable Rate | SV18 | View Details | Broker Direct | 4.75% | N/A | N/A | £100 | £175 | For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home Mortgage | H2ND | View Details | Broker Direct | 3.25% | 2 Years | SVR | £249 | £900 | For loans between £275,000 and £500,000 an underwriting fee of £500 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
Further Remortgage Products:
| Products | Prod Code | More Details | Distribution | Initial Rate | Initial Period | Reverts to | App Fee | Product Fee | Underwriting Fee | Free Val? | Fee Assisted Legals? | Max LTV | Min Loan Amount | Max Loan Amount | ERC | Features |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discounted Remortgage | RD18 | View Details | Direct | 2.59% | 2 Years | SVR | £199 | £500 | For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | Yes | Yes | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | 2.16% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
| Fees Assist Discount Mortgage | ASFE | View Details | Broker Direct | 3.25% | 2 Years | SVR | Nil | Nil | For loans between £275,000 and £450,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £450,000 with an LTV of >75% an underwriting fee of £1000 will apply. | Yes | Yes | 90% | £75,000 | £450,000 | 2.00% During Disc Period | Overpayments up to 10% of original advance, per annum |
| Shared Ownership Remortgage | RESO | View Details | Broker Direct | 2.95% | 2 Years | SVR | Nil | Nil | Yes | Yes | 90% of share | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. | |
| Standard Variable Rate | SV18 | View Details | Broker Direct | 4.75% | N/A | N/A | £100 | £175 | For loans between £275,000 and £500,000 with an LTV of <75% an underwriting fee of £500 will apply. For loans between £275,000 and £500,000 with an LTV of >75% an underwriting fee of £1000 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home Mortgage | H2ND | View Details | Broker Direct | 3.25% | 2 Years | SVR | £249 | £900 | For loans between £275,000 and £500,000 an underwriting fee of £500 will apply. For loans between £500,001 and £750,000 an underwriting fee of £1000 will apply. | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
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.
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.