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 2 years of 1.50% 6.49%
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: 7.99%
The overall cost comparison is: 8.0%
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 6.49%.  After 2 years the Society’s Standard Variable Rate, currently 7.99% 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 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 2.00% 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This product may be withdrawn without notice.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 £260,250 payable over 19 years on our discounted rate for 2 years at 1.50% below the Society’s current variable rate, making the current rate payable 6.49% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 17 years would require 24 monthly payments of £1,989.03 and 204 monthly payments of £2,203.13 plus one initial interest payment of £694.12.

The total amount payable would be £499,425.96 made up of the loan amount plus interest (£237,741.96) and an application fee of £249, a product fee of £800, a valuation of £335 and a mortgage exit fee of £50.

The overall cost for comparison is 8.0% 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:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
Special Situations MortgageS804View DetailsBroker & Direct6.49%3 YearsSVR£0£749NoNo75%£30,000£400,0002% of capital repaid less the overpayment allowance in years 1 & 2 and 1% of the capital repaid less the overpayment allowance in year 3
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
2 Year Heartland Discount Purchase 95%P043View DetailsBroker & Direct5.79%2 YearsSVR£0£0NoNo95%£30,000£400,0002% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2

 

  • A discount of 2.20% off the Society’s SVR for 2 years, initial rate payable 5.79%. The rate payable will not go below a floor rate of 3% during the discounted period.

 

  • Overpayments up to 10% of the outstanding loan per year

 

  • Portable

 

2 Year Heartland Discount Purchase 80%P044View DetailsBroker & Direct5.49%2 YearsSVR£0£0NoNo80%£30,000£750,0002% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2

 

  • A discount of 2.50% off the Society’s SVR for 2 years, initial rate payable 5.49%. The rate payable will not go below a floor rate of 3% during the discounted period.

 

  • Overpayments up to 10% of the outstanding loan per year

 

  • Portable

 

2 Year National Discount Purchase 80%P045View DetailsBroker & Direct5.49%2 YearsSVR£0£500NoNo80%£30,000£750,0002% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2

 

  • A discount of 2.50% off the Society’s SVR for 2 years, initial rate payable 5.49%. The rate payable will not go below a floor rate of 3% during the discounted period.

 

  • Overpayments up to 10% of the outstanding loan per year

 

  • Portable

 

Shared Ownership (Purchase)P019View DetailsBroker & Direct6.43%2 YearsSVR£199NilNoNo90% of share£50,000£250,0001.56% During Disc Period
  • A discount of 1.56% off the Society’s SVR for 2 years, initial rate payable 6.43%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
Standard Variable Rate (Purchase & Remortgage)SV19View DetailsBroker & Direct7.99%N/AN/A£199£500NoNo90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

None
(If HLC paid by Society, then this is repayable if loan redeemed within first 2 years)

Second Home (Purchase & Remortgage)H2NDView DetailsBroker & Direct6.49%2 YearsSVR£249£800NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

 

  • Overpayments up to 10% of the outstanding loan per year.

 

  • Portable

 

Further Remortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
2 Year Heartland Remortgage DiscountR275View DetailsBroker & Direct5.49%2 YearsSVR£0£0YesYes80%£30,000£750,0002% of amount repaid in year 1 in excess of overpayment allowance in year 1 and 1% of the amount repaid in excess of the overpayment allowance in year 2

 

  • A discount of 2.50% off the Society’s SVR for 2 years, initial rate payable 5.49%. The rate payable will not go below a floor rate of 3% during the discounted period.

 

  • Overpayments up to 10% of the outstanding loan per year

 

  • Portable

 

2 Year National Remortgage DiscountR276View DetailsBroker & Direct5.49%2 YearsSVR£0£500YesYes80%£30,000£750,0002% of amount repaid in year 1 in excess of overpayment allowance in year 1 and 1% of the amount repaid in excess of the overpayment allowance in year 2

 

  • A discount of 2.50% off the Society’s SVR for 2 years, initial rate payable 5.49%. The rate payable will not go below a floor rate of 3% during the discounted period.

 

  • Overpayments up to 10% of the outstanding loan per year

 

  • Portable

 

Shared Ownership (Remortgage)R263View DetailsBroker & Direct6.43%2 YearsSVR£199NilYesYes90% of share£50,000£250,0001.56% During Disc Period
  • A discount of 1.56% off the Society’s SVR for 2 years, initial rate payable 6.43%. The rate payable will not go below a floor rate of 2% during the discounted period.
  • Overpayments up to 10% of the outstanding loan per year
  • Portable
Standard Variable Rate (Purchase & Remortgage)SV19View DetailsBroker & Direct7.99%N/AN/A£199£500NoNo90%£30,000£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)Yes

None
(If HLC paid by Society, then this is repayable if loan redeemed within first 2 years)

Second Home (Purchase & Remortgage)H2NDView DetailsBroker & Direct6.49%2 YearsSVR£249£800NoNo75% C&I, 70% IO£75,000£750,0002.00% During Disc Period

 

  • Overpayments up to 10% of the outstanding loan per year.

 

  • Portable

 

Jargon Buster

Try our Jargon Buster

To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.

Find the Answer
Mortgage Calculator

Mortgage Calculator

Protection

Protecting your Mortgage

Book an appointment

Request an appointment

NOTES LTV - Loan To Value SVR - Standard Variable Rate (currently 7.99%) 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 - either in part or in full. Full details will be included within your ESIS Illustration. Normally where the fee is paid by Penrith Building Society, this will be up to a maximum of £1,500. Typically, 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/Renovation 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.