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Penrith Building Society

Based in the North East Lake District town of Penrith since 1877 this is a mutual society so it has no shareholders to please and remains true to its original aim of helping people manage their savings and buy their own home. Total assets increased during the financial year 2009 to almost £89m and home loans are now available to customers in Wales and England, the Society concentrates upon providing low interest rates rather than special introductory deals. It has consistently won awards from What Mortgage? Magazine including 'Mortgage Lender of the Year'.

There are no application fees and you may be able to choose a product that charges daily interest, thereby taking advantage of rate changes as and when they happen. You will be charged an early re-payment fee if you pay off your mortgage loan within the discount period, the percentage of this will depend upon what product you have chosen, how long your agreement is for, and the amount of deposit you have provided. You may be able to apply for a guarantor mortgage in partnership with a family member or investment company - both parties should take independent advice regarding the implications of this product.

If you live within the Cumbria area you may be able to borrow up to 90% of the property value, outside of this area the maximum loan is 75%. There are 5 or 3 year discount schemes available for borrowers in both Wales and England. The Fees Paid scheme is only available to borrowers in Cumbria and means that you do not pay any Arrangement, Application or Valuation Fees when applying for the mortgage.

Penrith Building Society Mortgage Products

3yr Discount Scheme mortgages: You will receive a discount on the Standard Variable Rate for a period of three years, the minimum advance is £30,000 and the maximum loan is 75% of the property's value. During the discount period there will be an early repayment charge on any overpayments to the loan, but at the end of this period you may pay back part or whole of the balance without incuring any fees.

Discount Scheme: You will receive a discount from the Standard Variable Rate for a five year period. You can borrow up to 90% if the property is in the Cumbria region. The property will usually need to be your main residential address.

If you repay your mortgage during the Discount period, you will be charged an early repayment fee.

Fees Paid Scheme: You will not pay any valuation, legal, or application fees if you accept this mortgage offer but you must live in the Cumbria area. Early re-payment fees will be due if you pay off whole or part of the loan inside the discount period.

If you are interested in a mortgage quotation including those offered by Penrith Building Society please complete our quick enquiry form.


Penrith Building Society Mortgage Rates

Mortgage Type Initial Rate Subsequent Rate APR Max LTV Fees & Charges Enquire Now
3yr Discount Scheme 3.15% variable 4.15% Variable 4.0% 90% £0
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5yr Discount Scheme 3.65% Variable 4.15% Variable 4.14% 90% £0
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Fees Paid Scheme Check with your advisor 4.15% Variable   90% £0
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Speak to a professional about a Penrith Building Society Mortgage