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 3 years of 1.00%.||3.75%|
|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%
Special Situations (Light)
Capital Repayment and Interest Only Basis
Capital Repayment and Interest Only mortgages available.
The minimum loan amount is £30,000.00.
The maximum loan amount is £250,000.00.
The maximum loan to value is 85% (Direct) 70% (Broker).
APPLICANTS MUST MEET THE SCHEME CRITERIA, WHICH IS FURTHER DETAILED HERE.
The Society will, subject to compliance with mortgage conditions, offer a rate of 1.00% discounted off the Society’s Standard Variable Rate for 3 years, making the current rate payable 3.75%. After 3 years the Society’s Standard Variable Rate, currently 4.75% will apply.
An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid less the permitted 10% overpayment allowance. 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.
- Application Fee – £299. Payable on application. Non-refundable
- Product Fee – £999. 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.
- Higher Lending Charge – Variable. Applicable if you borrow over 80% of the value of the property. A maximum contribution of £1,500.00 is paid by Penrith Building Society.
- Mortgage exit fee – £50.00. Payable upon redemption of the mortgage
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.
The product may be withdrawn without notice.
A mortgage of £138,728.00 payable over 22 years on our discounted rate for 3 years at 1.00% below the Society’s current variable rate, making the current rate payable 3.75% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 19 years would require 36 monthly payments of £772.50 and 228 monthly payments of £839.00 plus one initial interest payment of £213.79.
The total amount payable would be £220,934.67 made up of the loan amount plus interest (£80,588.67), an application fee of £299.00, a product fee of £999.00, a valuation fee of £270.00 and a mortgage exit fee of £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.