Penrith launches remortgage at 2.3%

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Penrith Building Society has introduced a two-year discounted mortgage aimed at borrowers looking to switch deal.

The society is offering a 1.85% discount off its Standard Variable Rate for two years, giving borrowers a pay rate of 2.3%.

After the two-year discounted period, the rate reverts to Penrith’s SVR, currently 4.15%.

The deal, which comes with free legal and valuation fees, is offered up to 75% loan-to-value (LTV) and is only available to remortgage customers.

Product and application fees are £350. Early repayment charges apply in the first two years.

 Amyn Fazal,chief executive of the society, said:

“We are aware that a number of remortgage borrowers reaching the end of their deals or are keen to take advantage of the current low rates are reluctant to fix.

“This new two-year remortgage we feel is competitively and keenly priced and shows up well in the various league tables. Also it shows that we are a local as well as national lender.”