This will take effect from today, 8 January, and apply until 31 March. During this period, application fees for submitted mortgage applications will be removed.
Both new and existing borrowers will benefit from the waived charge as well as people applying for a further advance. All other fees, such as the product fee, will apply if one is in place.
Tim Vigeon, head of products at Penrith Building Society, said: “At Penrith Building Society, we put the customer at the forefront of our product development and thinking.
“We understand the pressures customers are facing and this move demonstrates our ongoing commitment to supporting homeowners and landlords.”
Mansfield BS reintroduces lifetime discount deals
Mansfield Building Society has brought back its residential mortgages linked to a lifetime discount follow-on rate.
The discount rate activates once the initial product term ends and is set at 1.74 per cent lower than the mutual’s standard variable rate (SVR) making the current rate 7.15 per cent variable for the remainder of the mortgage.
The lifetime discount rate has been applied to select prime residential deals such as family assist, shared ownership, retirement interest-only and versatility products.
There is no early repayment charge (ERC) on the range.
Richard Crisp, commercial development executive at Mansfield Building Society, said: “As cost inflation and interest rate rises have continued to stretch household budgets, we wanted to find a way to make home ownership more affordable over the long-term, not just during the initial product term.
“The introduction of our new lifetime discount means that borrowers can continue to enjoy access to our range of discounted or fixed rate deals in the knowledge that they will continue to receive a generous discount for the residual term of their mortgage.”
He added: “As a result of this initiative, the society has been able to flex its affordability stress test safe in the knowledge that borrowers with products linked to our lifetime discount will continue to pay a rate well below our SVR for the duration of their mortgage.
“We pride ourselves on the flexible solutions we offer to support borrowers and the introduction of our new residential lifetime discount rate will ensure that access to our extensive criteria remains an affordable reality for more borrowers.”
