"We are keen to support applicants who are purchasing a property in our heartland area by introducing a 95% LTV product."
- Tim Vigeon, head of product distribution and development at Penrith BS
Penrith Building Society has simplified its residential product range, reduced rates and increased proc fees.
The Society has condensed its residential range into heartland and national products and is reducing rates on all residential products from 16th February.
In addition, the lender has increased procuration fees to 0.45% gross and 0.43% net for new residential and buy-to-let applications and to 0.25% gross and 0.23% net for product transfers. This change takes effect for all new applications received from 16th February 2024.
Penrith's affordability calculator has also been updated to reflect the current market outlook, which it says will increase the amount it is able to lend.
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% 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.”
