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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 (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This product may be withdrawn without notice.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:
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discount (Purchase) | P001 | View Details | Direct & Broker | 2.75% | 2 Years | SVR | £199 | £500 | No | No | 90% | £30,000 | £275,000 | 2% During Disc Period | Overpayments up to 10% of the outstanding loan per year |
| 2 Year Discount – Large Loan (Purchase) | P002 | View Details | Direct & Broker | 2.75% | 2 Years | SVR | £699 | £500 | No | No | 90% | £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 |
| 2 Year Discount – Large Loan (Remortgage) | R252 | View Details | Direct & Broker | 2.75% | 2 Years | SVR | £699 | £500 | No | Yes | 90% | £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 |
| 2 Year Fixed Rate (Purchase) | P008 | View Details | Direct Only | 2.99% | 2 Years | SVR | £199 | £800 | No | No | 90% | £75,000 | £250,000 | 3% During Disc Period | Overpayments up to 10% of the outstanding loan per year |
| Shared Ownership (Purchase) | P003 | View Details | Broker & Direct | 2.95% | 2 Years | SVR | £199 | Nil | No | No | 90% of share | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
| Standard Variable Rate (Purchase & Remortgage) | SV19 | View Details | Broker & Direct | 4.75% | N/A | N/A | £199 | £500 | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home (Purchase & Remortgage) | H2ND | View Details | Broker & Direct | 3.25% | 2 Years | SVR | £249 | £800 | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
Further Remortgage Products:
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Discount – Large Loan (Remortgage) | R252 | View Details | Direct & Broker | 2.75% | 2 Years | SVR | £699 | £500 | No | Yes | 90% | £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 |
| 2 Year Discount (Remortgage) | R251 | View Details | Direct & Broker | 2.75% | 2 Years | SVR | £199 | £500 | Yes | Yes | 90% | £30,000 | £275,000 | 2.00% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
| 2 Year Fixed Rate (Remortgage) | R256 | View Details | Direct Only | 2.99% | 2 Years | SVR | £199 | £800 | Yes | Yes | 90% | £75,000 | £250,000 | 3.00% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
| Shared Ownership (Remortgage) | R253 | View Details | Broker & Direct | 2.95% | 2 Years | SVR | £199 | Nil | Yes | Yes | 90% of share | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
| Standard Variable Rate (Purchase & Remortgage) | SV19 | View Details | Broker & Direct | 4.75% | N/A | N/A | £199 | £500 | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
| Second Home (Purchase & Remortgage) | H2ND | View Details | Broker & Direct | 3.25% | 2 Years | SVR | £249 | £800 | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
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.
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.