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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A discount off the Society’s Standard Variable Rate for 2 years of 2.50% | 5.49% |
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 7.99% |
The overall cost comparison is: | 7.8% APRC |
This scheme is available on new purchases only.
The minimum loan amount is £30,000.
The maximum loan amount is £750,000.
The maximum loan to value is 80%.
Penrith Building Society Heartland covers Cumbria, Northumberland, Lancashire, Yorkshire, County Durham, Tyne & Wear, Dumfries & Galloway and the Scottish Borders.
The Society will, subject to compliance with mortgage conditions, offer a 2.50% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 5.49%. After 2 years the Society’s Standard Variable Rate, currently 7.99% will apply. The rate payable will not go below a floor rate of 3% during the discounted period.
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% of the capital repaid less the permitted 10% overpayment allowance in the first year and 1% of the capital balance repaid less the permitted 10% overpayment allowance in the second year. 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 in year 1 and 1% on the excess amount in year 2.
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This product may be withdrawn without notice.
A mortgage of £193,919 payable over 22 years on our discounted rate for 2 years at 2.50% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 20 years would require 24 monthly payments of £1,266.82 and 240 monthly payments of £1,540.75 plus one initial interest payment of £437.51. The total amount payable would be £401,232.88 made up of the loan amount plus interest (£206,903.88) a valuation fee of £360 and a mortgage exit fee of £50.
The overall cost for comparison is 7.8% 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.
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 |
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Special Situations Mortgage | S804 | View Details | Broker & Direct | 6.49% | 3 Years | SVR | £0 | £799 | No | No | 75% | £30,000 | £400,000 | 2% of capital repaid less the overpayment allowance in years 1 & 2 and 1% of the capital repaid less the overpayment allowance in year 3 |
|
2 Year Heartland Discount Purchase 95% | P043 | View Details | Broker & Direct | 5.79% | 2 Years | SVR | £0 | £0 | No | No | 95% | £30,000 | £400,000 | 2% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2 |
|
2 Year Heartland Discount Purchase 80% | P044 | View Details | Broker & Direct | 5.49% | 2 Years | SVR | £0 | £0 | No | No | 80% | £30,000 | £750,000 | 2% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2 |
|
2 Year National Discount Purchase | P045 | View Details | Broker & Direct | 5.49% | 2 Years | SVR | £0 | £799 | No | No | 90% | £30,000 | £500,000 | 2% of amount repaid in excess of overpayment allowance in year 1 and 1% of amount repaid in excess of overpayment allowance in year 2 |
|
Standard Variable Rate (Purchase & Remortgage) | SV19 | View Details | Broker & Direct | 7.99% | N/A | N/A | £0 | £500 | No | No | 90% | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
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