Key Comparison Notes

A discount off the Society’s Standard Variable Rate for 2 years of 1.80% 2.95%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.5%

Shared Ownership Remortgage

Interest Only and Capital Repayment Basis

Available for remortgages only.
The minimum loan amount is £50,000.00.
The maximum loan amount is £250,000.00.
The maximum loan to value is 90% of the value of the part shared.
This scheme is available to borrowers wishing to remortgage a minimum of 25% share of a property on a leasehold basis. Remortgages available to applicants wishing to borrow to purchase an increased share of the property, complete a transfer of equity, or for home improvements (subject to the consent from the housing association). 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 freehold.
The Society requires that the Mortgagee Protection Clause be contained within the lease document.
The Society will, subject to compliance with the mortgage conditions, offer a 1.80% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 2.95%. After 2 years the Society’s Standard Variable Rate, currently 4.75% will apply.

An early repayment charge will be payable if the mortgage is redeemed during the first two years. The early repayment charge will be equivalent to 1.80% 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 1.80% on the excess amount.


  • No Application or Product Fee.
  • The Society will cover the cost of one mortgage valuation.
  • Mortgage exit fee – £50.00.  Payable upon redemption of the mortgage.
  • For remortgages on existing unencumbered owner occupied property the Society will, for this application, pay legal costs (including disbursements), if using the Society’s nominated solicitors, who will act for both the Society and borrower(s).  For mortgage applications where additional legal work is required, you will be liable for the cost of any additional legal fees, but these will be agreed between you and the Solicitors before the additional work is carried out. Once legal works have commenced if you withdraw from the transaction or fail to take up the mortgage advance then you will become responsible for all the legal costs without a contribution from the Society.
  • This mortgage is portable, subject to suitable security and underwriting assessment.
  • Where any part of the loan is arranged on an interest only basis, the interest only element must not exceed 50% LTV.  A suitable repayment vehicle sufficient to cover the interest only part of the loan needs to be in place. 

This product may be withdrawn without notice.

Representative Example

A mortgage of £132,782.00 payable over 21 years on our discounted rate for 2 years at 1.80% below the Society’s current variable rate, making the current rate payable 2.95% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 19 years would require 24 monthly payments of £707.50 and 228 monthly payments of £822.52 plus one initial interest payment of £160.98.

The total amount payable would be £205,024.80 made up of the loan amount plus interest (£71,892.80), a valuation fee of £300.00 and a mortgage exit fee of £50.00.

The overall cost for comparison is 4.5% APRC representative.

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 DetailsDirect2.59%2 YearsSVR£199£500YesYes90%£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 MortgageASFEView DetailsBroker Direct3.25%2 YearsSVRNilNilYesYes90%£75,000£450,0002.00% During Disc Period

Overpayments up to 10% of original advance, per annum

Shared Ownership RemortgageRESOView DetailsBroker Direct2.95%2 YearsSVRNilNilYesYes90% of share£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.

Standard Variable RateSV18View DetailsBroker Direct4.75%N/AN/A£100£175NoNo90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

(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.

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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.