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To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
I’d like to build my own home
A self-build gives you the chance to build something that is yours from the ground up. Don’t worry, this doesn’t mean you have to lay every brick yourself – a self-builder is just someone who commissions the home they end up living in.
We can help you get started by providing mortgages on self-build projects AND renovation projects.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Self Build/Renovation (Purchase & Remortgage) | P004 | View Details | Broker & Direct | 4.99% | 2 Years | SVR + 0.75% | £249 | £750 | No | No | 75% | £30,000 | £275,000 | 3.00% During Disc Period | Overpayments up to 10% of the outstanding loan per year. |
| Self Build/Renovation – Large Loan (Purchase & Remortgage) | P005 | View Details | Broker & Direct | 4.99% | 2 Years | SVR + 0.75% | £749 | £750 | No | No | 75% | £275,001 | By Individual Agreement | 3.00% 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.
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.
