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Financial Services > Mortgages > Mortgage Lenders > Penrith Building Society

Penrith Building Society

Penrith Building Society is a small local building society, based in Penrith in Cumbria.

It has won the What Mortgage award for ‘Best Regional Lender’ for the past two years. However Penrith Building Scoiety is not just confined to Cumbria.

It sells mortgages throughout England and Wales, though outside of Cumbria it will only loan up to 75% of the value of the property to be purchased or re-mortgaged.

Penrith is a 'mutual' building society, which means it is a not-for-profit organisation. It exists to look after its members.

As such Penrith state that, unlike many large national lenders, it gives an individual service and all enquiries receive their full attention.

Penrith offer these type of mortgages:

  • Discount Scheme
  • Daily Interest Mortgages
  • Flexible Mortgages

Penrith Building Society Mortgage Products
   

Discount Scheme: there are two options both of which are set at a discount off the Society’s variable rate. Option 1 is a discount rate for 10 years. Option 2 is a discount rate for 5 years.

Daily Interest Mortgages: available to new borrowers for both residential and commercial properties. The rate of interest is set at a variable rate for residential mortgages. For commercial properties the rate is negotiable.

Flexible Mortgages: these are only available for owner occupied residential properties. The rate of interest is set a variable rate. The features of this mortgage include:

Daily Interest Charging. A draw-down facility (the amount you can ‘draw’ on is set at the time of application approval). Payment Holidays (the amount of time you can take as a ‘holiday’ is set at the time of application approval).

The flexible mortgage offered by Penrith Building Society can only be given to applicants who can demonstrate that their work patterns are such that they experience cash flow problems – this would justify their need for this type of mortgage. The mortgage must still be repaid within the original set term even if draw-down or holiday payment facilities are used.

On all mortgages a higher lending charge may apply. Penrith offers both Interest Only and Repayment mortgages.

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

There are no current mortgage offers from Penrith Building Society.

Penrith Building Society Mortgage News
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