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 two years. The early repayment charge will be equivalent to 1% of the capital repaid in year 1 and 0.5% of the capital repaid in year 2, less the permitted 10% overpayment allowance. 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 1% on the excess in year 1 and 0.5% on the excess in year 2.
Satisfactory buildings insurance (including public liability cover) must be arranged, and evidence provided to the Society, confirming that the insurer is aware that elements of the property will be occupied on a holiday let / tenanted basis.
The product may be withdrawn without notice.
Representative Example
A mortgage of £140,000 payable over 24 Years initially on this Variable rate product for 2 years at 5.68% and then on our Standard Variable Rate (SVR), currently 7.49% for the remaining term of the mortgage, would require 24 monthly payments of £891.48 and 264 monthly payments of £1,038.54.
The total amount payable would be £297,446.80 made up of the loan amount plus interest (£155,570.80), a product fee of £1,499, a valuation fee of £297, other lending fees of £30 and a mortgage exit fee of £50.
The overall cost for comparison is 7.3% APRC representative
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 HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
