A Penrith remortgage offers a competitive service to homeowners throughout England and Wales. Choose from base rate tracker, discounted, fixed-rate and flexible packages – all of which profit from the competitive rates of a mutual organization, and interest calculated on a daily basis. A higher loan to value ratio is available to customers in Cumbria.
Penrith Building Society is a single-branch organization based in Penrith, Cumbria. It provides property finance and savings services to customers throughout the UK.
Penrith Building Society was crowned ‘Best Regional Lender’ in the 2003, 2004 and 2005 What Mortgage awards.
The Penrith remortgage deals in the table above could be the ideal way to:
- Reduce your monthly repayments with a lower interest rate or better terms
- Enjoy a more flexible mortgage, with the option to make extra payments and ‘borrow back’ from the overspend according to fluctuations in income
- Avoid the disruption of a house move by releasing equity for renovations or an extension – these can potentially increase the value of your property
- Consolidate debts from credit cards and personal loans
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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