At the Penrith, we’ve been lending people money to buy or build their homes since 1877. That’s why we know that life is not always as straightforward as completing a list of tick boxes, and unusual circumstances are just not that unusual for us.
Whether you are self-employed, or have complex income streams or some credit blips our bespoke underwriting helps us to understand your situation and provide the right mortgage product for you.
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 2 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 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 less the overpayment allowance in year 1 and 2 and 1% of the capital repaid less the overpayment allowance in year 3. 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 on the excess amount.
This product has been developed to assist those with the following mortgage needs:
Any applicant who:
Within the last two years has owed overdue payments, in an amount equivalent to more than three months‘ payments, on a mortgage or other loan (whether secured or unsecured), except where the amount overdue reached that level because of late payment caused by errors by a bank or other third party; or
Has been the subject of one or more county court judgments, with a total value greater than £500, within the last three years; or
Has been subject to an individual voluntary arrangement or bankruptcy order which was in force at any time within the last three years;
Has taken out more than one Pay Day Loan in the last 12 months;
Has had mortgage arrears of more than 2 months in the last 2 years;
Has had defaults on utility and communications payments of more than £2000 in total;
Has had their property repossessed within the last three years;
Will not be acceptable to us.
Whether you are looking to move your mortgage from your current provider and borrow a little more to update your home or take out a new mortgage to purchase that dream home, speak with us to see if we can assist.
Representative Example
A mortgage of £274,160 payable over 21 years and 9 months on our discounted rate for 3 years at 2.00% below the Society’s current variable rate, making the current rate payable 5.49% (variable), and then on our standard variable rate of 7.49% for the remaining 18 years and 9 months would require 36 monthly payments of £1,801.64 and 225 monthly payments of £2,094.22 plus one initial interest payment of £618.55. The total amount payable would be £538,515.85 made up of the loan amount plus interest (£262,833.85), a product fee of £999, a valuation fee of £473 and a mortgage exit fee of £50.
The overall cost for comparison is 7.2% 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.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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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 »»
(PDF Version)
Or visit www.fscs.org.uk.