Compare Mortgage Rates from Penrith Building Society Against the Market

About Penrith Building Society

The Society operates primarily from its base in Penrith, Cumbria. However, for its specialist mortgage products, it lends across England, Wales, and Scotland.

Their philosophy is simple: "We listen." Because they are small, they can take the time to understand a borrower's story. If a computer rejects you because your income is complicated or your property is unusual, Penrith is the type of lender that might still say "yes" after reviewing the paperwork manually.

Mortgage Products

Penrith’s lending is split into "Heartland" (local) and "National" products, but many of their best specialist options are available nationwide.

• Holiday Lets (National):

  • They are a strong player in the short-term let market such as Airbnb and holiday cottages

  • Income Assessment: They calculate affordability based on a projected 30-week average of low, medium, and high season rental income, rather than just a flat AST figure

  • Personal Use: They typically allow owners to use the property themselves for up to 90 days a year

• Expat Buy-to-Let:

  • They lend to UK nationals living abroad in over 40 countries who want to buy investment property back in the UK

  • They accept income in foreign currencies

• Shared Ownership:

  • They support the government’s Shared Ownership scheme, lending up to 95% of the share value

  • They are also experienced with Section 106 and Discounted Market Sale restrictions, which often confuse mainstream lenders

• Special Situations (Credit Repair):

  • They have a specific product range for borrowers with minor adverse credit

  • They can consider applicants with satisfied defaults, small CCJs , or missed payments, provided there is a good explanation and the borrower is now back on track

• Self-Build & Renovation:

  • Loans for people building their own home or renovating a property that is currently uninhabitable (where standard lenders won't lend until a kitchen/bathroom is fitted)

Pros and Cons of Penrith Building Society

Here is a balanced overview of choosing this lender.

Pros:

• Manual Underwriting: This is invaluable if your income is complex e.g. retained profits, multiple jobs, or foreign currency

• Scottish Lending: Unlike many small English building societies that stop at the border, Penrith actively lends in Scotland, making them a great option for Scottish holiday lets

• Affordable Housing Experts: If you are buying a home with a restrictive covenant (like a "local occupancy clause" or Section 106), Penrith understands these complex legal titles better than most

Cons:

• Interest Rates: As a small specialist lender, their interest rates are typically higher than the "best buy" rates from giants like HSBC or Nationwide. You pay a premium for the manual flexibility

• Maximum Loan Size: They are a small society, so they have lower maximum loan limits (often capped at £500,000 or £750,000 depending on the product) compared to larger banks

• Slower Process: Manual underwriting takes time. You won't get an instant mortgage offer in 24 hours; it may take a couple of weeks for the committee to review your file.

Customer Service and Reviews

Penrith Building Society is highly regarded for its personal touch.

• Smart Money People / Reviews: They generally receive high praise for their customer service. Borrowers often mention that they can speak to the same mortgage processor throughout the application, rather than being passed around a call centre

• Intermediary Feedback: Mortgage brokers rate them well for their accessibility. Brokers can pick up the phone and speak directly to the underwriting team to discuss a case before submitting it

How to Apply

1. Through a Broker: For Holiday Let, Expat, or Credit Repair mortgages, it is highly recommended to use a mortgage broker. These complex applications require specific packaging to ensure they meet the underwriter's requirements. We can act as your intermediary with Penrith BS, and will be happy to compare their products against other lenders to ensure you find the most suitable deal for you. Get started to speak to one of our experts today.

2. Direct: You can apply directly by contacting the branch in Penrith. While this option offers a personal service, you won’t have the opportunity to compare their deals with other lenders by going directly to them.