Penrith Building Society was founded in 1877, in the Cumbrian town.
As a mutual organisation they exist for their members and they’ve spent the past 140 plus years building a reputation as a Society that people can have the utmost trust and confidence in. The Society’s main focus is in Cumbria, but their services are available nationwide.
Penrith offer a RIO mortgage to borrowers over the age of 55 and will lend up to 50% of the property’s value (LTV).
Borrowers are required to meet the Society’s affordability requirements and be able to clearly demonstrate ongoing affordability of the loan, on a stressed basis, in the event of either party to the mortgage dying during the mortgage term. Personal pension income, state pension income, investment income and rental income are acceptable.
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
We understand that with different options to choose from, it can be difficult to find the right lifetime
mortgage plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
all your questions and find the right solution for you.
It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser. That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.