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Penrith BS launches fixed deals; Natwest lowers switcher rate – round-up

  • 16/04/2024
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Penrith BS launches fixed deals; Natwest lowers switcher rate – round-up
Penrith Building Society has released a trio of two-year fixed rate mortgages, all priced at 5.19%.

This includes one nationally available product and two that are only open to borrowers in Penrith Building Society’s local area.

The national two-year fixed purchase product has no application fee and a product fee of £499. It is available up to 90% loan to value (LTV) with a maximum loan size of £500,000.

The local alternative has similar terms, except there is no product fee.

The locally available remortgage has no application or product fees and is available up to 80% LTV on loans of up to £750,000.

Penrith Building Society has also reduced the pay rate on its expat buy-to-let (BTL) mortgage from 7.23% to 5.59%, which is 2.45% lower than its current standard variable rate (SVR).

On its discounted local two-year remortgage, the maximum LTV has been increased to 90% and the maximum loan is now £500,000.

The national two-year discount purchase product has also seen the maximum LTV rise to 90% and the maximum loan changed to £500,000.

The mutual has also withdrawn a shared ownership purchase product and a shared ownership remortgage product.

Tim Vigeon (pictured), head of products at Penrith Building Society, said: “We are delighted and excited to introduce our fixed rate products to the market. The rates, combined with our common-sense underwriting, will make the dreams of those wishing to buy a home or remortgage their existing home a reality.

“Our other changes reflect feedback that we have received and enhance our overall proposition within the market.”

“We continually review our products and criteria with customers and brokers at the heart of our thinking, and further changes will be announced over the coming weeks,” he added.


Natwest cuts five-year switcher rate

Natwest has reduced the rate of its five-year fixed switcher product by 0.06%.

The fee-free product is now priced at 5.48%.

The product will be available to existing borrowers through Natwest’s core residential range from 17 April.

Last month, it was reported that the UK government is no longer a controlling shareholder in Natwest.

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