Whether you are an existing landlord looking to remortgage your Buy to Let property or keen to purchase a new Buy to Let – we may have a product for you!
We permit capital raising on a Buy to Let remortgage – meaning you can increase your borrowings to improve the property or even use the funds to purchase another investment property. And, if you or a family member have lived in the property at some point, meaning that it would be treated as a Consumer Buy to Let – we can still help.
We are also pleased to assist first-time landlords and first-time buyer landlords, as we understand that our borrower’s circumstances differ and that not every landlord owns their own residential property.
Initial Interest Rate
Total Cost for Comparison
Followed by our Standard Variable Rate
Loan to Value
Loan to Value for Interest Only
Application Fee
Product Fee
Exit Fee
A discounted rate for 3 years, followed by our Standard Variable rate until the end of the mortgage.
You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at each anniversary. Full details will be found in your Mortgage Illustration (ESIS).
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 in years 1 and 2 and 1% of the capital repaid in year 3, less a permitted 10% overpayment allowance per 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 years 1 and 2 and 1% on the excess amount in year 3.
If the mortgage is on an interest only basis with the mortgaged property being the repayment vehicle, the Society reserves the right to require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each valuation will be as per the Society’s mortgage valuation fee scale at the time. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
This product may be withdrawn without notice.
Representative Example
A mortgage of £42,500 payable over 13 years on our discounted rate for 3 years at 2.40% below the Society’s standard variable rate, making the current rate payable 5.09% (variable), and then on our standard variable rate of 7.49% for the remaining 10 years would require 36 monthly payments of £373.00 and 132 monthly payments of £419.42 plus one initial interest payment of £88.90. The total amount payable would be £65,738.92 made up of the loan amount plus interest (£21,914.92), a valuation fee of £275, a product fee of £999 and a mortgage exit fee of £50.
The overall cost for comparison is 7.6% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
What is a Representative Example?
Representative Examples include the costs associated with a typical mortgage from Penrith Building Society. They are not specific to your circumstances. For a Mortgage Illustration, which takes into account your specific circumstances please contact us directly using the button below
Initial Interest Rate
Total Cost for Comparison
Followed by our Standard Variable Rate
Loan to Value
Loan to Value for Interest Only
Application Fee
Product Fee
Exit Fee
A discounted rate for 3 years, followed by our Standard Variable rate until the end of the mortgage.
You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at each anniversary. Full details will be found in your Mortgage Illustration (ESIS).
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 in years 1 and 2 and 1% of the capital repaid in year 3, less a permitted 10% overpayment allowance per 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 years 1 and 2 and 1% on the excess amount in year 3.
If the mortgage is on an interest only basis with the mortgaged property being the repayment vehicle, the Society reserves the right to require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each valuation will be as per the Society’s mortgage valuation fee scale at the time. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
This product may be withdrawn without notice.
Representative Example
A mortgage of £232,000 payable over 22 years and 11 months on our discounted rate for 3 years at 2.40% below the Society’s standard variable rate, making the current rate payable 5.09% (variable), and then on our standard variable rate of 7.49% for the remaining 20 years and 9 months would require 24 monthly payments of £1,436.37 and 249 monthly payments of £1,748.16 plus one initial interest payment of £485.29. The total amount payable would be £471,957.72 made up of the loan amount plus interest (£238,539.72), a valuation fee of £369, a product fee of £999 and a mortgage exit fee of £50.
The overall cost for comparison is 7.3% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
What is a Representative Example?
Representative Examples include the costs associated with a typical mortgage from Penrith Building Society. They are not specific to your circumstances. For a Mortgage Illustration, which takes into account your specific circumstances please contact us directly using the button below
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Your eligible deposits held by a UK establishment of Penrith Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.
Further information is available here »»
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Or visit www.fscs.org.uk.