Penrith Building Society has announced a series of updates for intermediary partners, including the launch of its enhanced Intermediary Portal, product changes and an update to lending criteria for expatriate applicants.
Enhanced Intermediary Portal Now Live
The Society’s upgraded Intermediary Portal has officially launched, providing brokers with quicker access to key information, tools and resources.
The new platform includes improved functionality designed to streamline case management, including the ability for brokers to communicate directly with the Society from within the case management system.
Following feedback from intermediary partners, several enhancements have also been made to application forms, including improved solicitor information capture and greater flexibility to provide detailed case information where required.
Product Changes
As part of its ongoing review of the product range, Penrith has withdrawn selected fixed-rate products. Applications submitted before the withdrawal date will continue to be honoured in line with existing terms.
The Society remains committed to offering a competitive range of fixed-rate mortgage products and will continue to review its proposition in line with market conditions.
Update to Expat Lending Criteria
Ahead of regulatory changes being introduced under the Capital Requirements Directive VI (CRD VI), Penrith Building Society is no longer able to accept new mortgage applications from UK nationals residing within the European Union.
The change applies to new applications only.
Penrith continues to support existing expat members and maintains a strong appetite for lending to expatriate clients who are based outside the EU, including holiday let, buy-to-let and residential mortgage applications.
Supporting Brokers
The Society encourages brokers who are unsure whether a case fits current criteria to contact the team for guidance. Penrith’s underwriting team remains available to review individual scenarios and discuss potential lending solutions.
For further information about any of these updates, brokers can contact the Intermediary Team at intermediaries@penrithbs.co.uk
Holiday Let Criteria Highlights
Our holiday let proposition includes:
- Lending available to individual borrowers
- Properties located across the UK
- Up to 75% loan-to-value (LTV)
- Interest-only options available up to 75% LTV
- Maximum term of 25 years
- Minimum income requirement of £25,000 (£30,000 for expats)
- ICR-based rental assessment, with top slicing considered where appropriate
- Properties must be readily saleable as standard residential dwellings
Understanding the Holiday Let Market
While holiday lets can offer attractive investment opportunities, success often depends on understanding local demand, managing seasonal income fluctuations and taking a long-term view of the investment.
Brokers with clients considering a holiday let purchase or remortgage are encouraged to discuss their requirements with our team, who can provide guidance on available options and lending criteria.
For more information about our holiday let proposition, contact the Intermediary Team at intermediaries@penrithbs.co.uk