Penrith Building Society Equity Release And Lifetime Mortgage Review in 2024

Are You Considering Equity Release With Penrith Building Society? Find Out What Products Penrith Offers, the Pros and Cons and Fees. It Is All Here.
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways:

  • Penrith Building Society, established in 1877 and based in Penrith, Cumbria, is a member of the Building Societies Association and a mutual organisation serving its members for over 140 years.
  • The society offers Retirement Interest Only Mortgages (RIOs) designed for individuals aged 55 and over.
  • While Penrith Building Society does not directly offer equity release, it provides a variety of mortgage and savings plans.
  • Penrith's savings plan options include Instant Access Savings, Regular Savings, and Tax-Free Savings.
  • Other services include Saving for a Home and Junior Savers, catering to a wide range of financial needs for different age groups and saving goals​​​​​​​​​​.
  • Currently, equity release rates are between 5.20% to 6.30%*

Is Penrith Building Society an option for equity release finance?

As the equity release market continues to grow and more products become available, it has become more important than ever to consider all your options before deciding.

Choosing the right equity release for your individual needs and circumstances can be daunting, and is not a decision you can take lightly.

So how do you keep up with all the goings on in this ever-changing market?

We are here to help!

In This Article, You Will Discover:

    As experts in the equity release sector, we have reviewed leading schemes to provide you with current information on what is available and with whom.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Penrith Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Penrith Building Society.

    Insight into Equity Release

    Equity release provides a financial avenue for seniors to utilize their home's equity. It enables converting a part of your property's value into cash, avoiding the need to sell.

    This financial model is marked by its repayment plan; the loan, along with accrued interest, is repaid at the house’s eventual sale, often after pivotal life events of the homeowner.

    Who Is Penrith Building Society 

    Penrith Building Society is a UK building society based in Penrith, Cumbria1

    It has been helping generations of savers and borrowers through their financial service needs since 18772, when it first opened its doors in the beautiful town of Penrith.

    It is a member of the Building Societies Association3.

    Penrith Building Society is a mutual organisation that exists for it's members and has spent over the past 140 years building a reputation that society trusts.

    Why Consider Penrith Building Society 

    You may consider Penrith Building Society for it's range of Retirement Interest Only Mortgages (RIOs) designed for the 55+ age group.

    After 140 years, Penrith Building Society’s ethos to provide fair services to it's members has stood the test of time and continues to instil the utmost trust and confidence.

    What Services Does Penrith Building Society Offer?

    Although Penrith Building Society does not offer equity release, it does offer a range of mortgages and savings plans. 

    What it offers:

    Mortgages:

    • New Home Mortgages
    • Multi-Unit Mortgages
    • Second Home Mortgages
    • Remortgages
    • Buy-to-Let Mortgages
    • Retirement Mortgages
    • Expat Mortgages

    Savings:

    • Instant Access Savings
    • Regular Savings
    • Tax-Free Savings
    • Longer Term and Fixed Rate Savings
    • Saving for a Home
    • Junior Savers

    Does Penrith Building Society Offer Equity Release or Lifetime Mortgages?

    No, Penrith does not offer equity release. It does, however, offer RIO mortgages as an alternative to equity release.

    What Are Penrith Building Society’s Interest Rates?

    Penrith Building Society’s current interest rates vary by product type.

    Generally speaking, annual equity release interest rates can be available from 5.20% to 6.30%*(AER).

    *While we regularly review our rates, these may have changed since our last update.

    What Are Penrith Building Society’s Fees?

    Penrith Building Society fees may include an application fee.

    It may also offer you a free valuation, though this depends on the plan you select.

    Does Penrith Building Society Have An Equity Release Calculator?

    No, Penrith Building Society does not have an equity release calculator.

    Why not try our easy-to-use calculator below and see approximately how much you can release?

    What Are The Advantages and Disadvantages of Penrith Building Society?

    The advantages of Penrith are it has a solid long-standing reputation. The disadvantage is that it does not offer equity release.

    More information:

    Penrith Building Society Pros

    The pros of Penrith Building Society are:

    • It has been around for over 140 years.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA)4.
    • It offers an RIO mortgage for later-life lenders over the age of 55 years.

    Penrith Building Society Cons

    The cons of Penrith Building Society are:

    • It does not offer equity release.
    • It's RIO mortgage requires that you make monthly interest payments.
    • If you can not make your monthly interest payments, you risk losing your home.

    How Did We Review the Information on Penrith Building Society?

    We reviewed the information on Penrith Building Society by undergoing hours of research into the company, it's history, services, and customer reviews.

    This information was then thoroughly researched and vetted.

    NOTE: This article is an unaffiliated, independent, third-party, review of Penrith Building Society.

    Penrith Building Society Customer Reviews

    Penrith Building Society's customer reviews can be found on websites such as Smart Money People and Feefo.com.

    Read what it's customers have to say:

    Penrith Building Society Complaints

    If you are dissatisfied with Penrith Building Society and wish to make a complaint, the best way to do so is in writing to:

    Penrith Building Society, 7, King Street, Penrith, Cumbria. CA11 7AR.

    Alternatively, you can contact the complaints department by telephone on 01768 863675 or place a complaint via the form on it's website.

    Alternatively, you could use a review site, such as Trustpilot5 or Feefo6, to provide an assessment.

    Penrith Building Society FCA Details

    Trading Names

    Penrith Building Society

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Investments
    • Other Services

    Regulators

    • Financial Conduct Authority (FCA)
    • Prudential Regulation Authority (PRA)7

    Registration Numbers

    • FCA Ref Number: 164473
    • FCA Mutuals Ref Number: 434B

    FCA Link

    FCA Link: FCA Link

    Penrith Building Society Contact Number and Address

    • +44 176 886 3675
    • enquiries@penrithbs.co.uk
    • 7, King St, Penrith, CA11 7AR, UK.

    Common Questions

    Is Penrith Building Society a Member of the Equity Release Council?

    Who Owns Penrith Building Society?

    Where Can I Find Penrith Building Society Jobs?

    Does Penrith Building Society Offer Equity Release?

    Is Penrith Building Society Safe?

    In Conclusion

    Penrith Building Society has helped generations of savers and borrowers fulfil their financial needs since 1877.

    Operating nationwide, Penrith offers a range of Retirement Interest Only Mortgages (RIOs) designed for the 55+ age group.

    RIOs are not equity release, and you will have to prove that you can make the required monthly interest payments.

    Before deciding whether or not Penrith Building Society's equity release alternatives will suit you, consult with a qualified financial advisor.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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