Penrith Building Society

Penrith Building Society is based in Penrith in Cumbria. Although it is a small local building society, it also sells mortgages all through England and Wales. However, it will only loan up to 75% of the value of the property to be purchased or re-mortgaged if this lies outside of Cumbria. It has won the What Mortgage award for Best Regional Lender' for the past two years.

Penrith is a 'mutual' building society, so it is a not-for-profit organisation. It exists to look after and to benefit its members. As such Penrith state that, unlike many large national lenders, it gives an individual and personal service, and all enquiries receive their full attention.

Penrith offer these type of mortgages:

• Discount Scheme
• Daily Interest Mortgages
• Flexible Mortgages

Discount Scheme: there are two options, a discount rate for 10 years and a discount rate for 5 years. Both of which are set at a discount off the Society's variable rate.

Daily Interest Mortgages: offered to new borrowers for residential as well as commercial properties. The rate of interest is set at a variable rate for residential mortgages, while it is negotiable for commercial properties.

Flexible Mortgages: these are offered for residential properties which are occupied by the owner. The interest is at a variable rate.

• Interest rate is calculated on a daily basis
• 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 is only for applicants who can demonstrate that they experience cash flow problems, which would justify their need for this type of mortgage. Whether draw-down or holiday payment facilities are used the mortgage must still be repaid within the original set term.

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

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