Penrith Building Society will now pay brokers 0.45 per cent gross and 0.43 per cent net for new residential and buy-to-let (BTL) mortgage applications. For product transfers, it will pay 0.25 per cent gross and 0.23 per cent net.
This applies from 16 February.
At the same time, the lender has made changes to its residential products, with lower rates and a simplified offering. It has also updated its affordability calculator, which Penrith Building Society said would increase how much it was able to lend as the change reflected the current market outlook.
Tim Vigeon, head of product distribution and development at Penrith Building Society, said: “These changes reflect our growth ambitions for 2024. We are keen to support applicants who are purchasing a property in our Heartland area by introducing a 95 per cent loan to value (LTV) product. At the same time, we have also removed the product fee for purchases and remortgages for Heartland customers.
“Our simplified Special Situation product and criteria allows customers with credit issues to benefit from our expertise in manual underwriting. We are putting the needs of the customer at the heart of our proposition development and will be releasing a number of further enhancements to our offering in the coming months.”
Penrith Building Society has been making adjustments to its product offering and, earlier this year, made the decision to remove application fees across all residential and BTL mortgages until 31 March.
