Penrith Building Society Mortgages
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Penrith Building Society Mortgages FAQ
Who are Penrith Building Society?
Penrith Building Society has been supporting borrowers and savers since 1877. As a mutual, they are owned and run for the benefit of their members - who jointly own the company and are also its customers.
Penrith Building Society offer savings and borrowing facilities, which include a range of savings accounts and mortgage products.
What kind of mortgages does Penrith Building Society offer?
Penrith Building Society offer a range of mortgage products for those in different life stages and financial positions, including bespoke mortgages designed for individual circumstances.
Their current mortgage offering includes:
- First-time buyer mortgages
- Moving home mortgages
- Self-build mortgages
- Holiday home mortgages
- Buy-to-let mortgages
- Mortgages for individual circumstances
What interest rates are available on Penrith Building Society mortgages?
Penrith Building Society interest rates vary from product to product, and borrower to borrower. You can see the current interest rates on their mortgage products above in our mortgage comparison table.
Why do we say their mortgage rates vary from borrower to borrower? Well, because the rates that a lender advertises are not necessarily the rate they will offer to you, even if you meet their lending criteria. A lender’s advertised headline rates only need to be offered to a proportion of customers. This means a lender may accept your mortgage application for a particular mortgage product but offer you a slightly less favourable interest rate.
Mortgage interest rates also change several times during a mortgage term. With a fixed rate mortgage, your interest rate will change when your initial period comes to an end, and thereafter whenever the lender chooses to change their standard variable rate (SVR).
On a tracker mortgage, your interest rate will change when the Bank of England’s base rate alters. A variable rate mortgage, on the other hand, can change at any point in your term, as it’s based on a lender’s SVR, which they can choose to alter at any time.
How can I reduce the amount of interest I’ll have to pay?
The most common method to reduce the amount of interest you pay on a mortgage is by saving up a large deposit beforehand. The larger your deposit, the less capital you borrow, meaning the interest applied to your borrowing will amount to less.
With a large deposit, lower loan to value (LTV) mortgages open up to you. LTV is the percentage the capital you borrow represents of the total valuation of the property you’re looking to purchase.
For example, if your potential future home costs £250,000, and you have built up a deposit of £50,000, your LTV will be 80%, as £50,000 represents 20% of the property’s valuation.
Services offered by this provider may change over time. Always check Ts&Cs.
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Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE