Could Penrith Building Society's equity release alternatives be the best option for you?

With the equity release market ever-changing, how do you keep up with who offers what?

Let us help.

Therefore:

At SovereignBoss, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

Does Penrith Building Society offer the ideal alternative to equity release for you and your family?

Let's find out!

NOTE: SovereignBoss is an impartial, unaffiliated and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss 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.

What Is Equity Release?

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

Who is Penrith Building Society?

Penrith Building Society is a UK financial institution offering savings accounts, mortgages, and insurance products, known for its customer-focused services and community involvement.

Founded with the aim of supporting its members' financial well-being, Penrith Building Society has a long history of providing personalised financial solutions, priding itself on delivering a range of products designed to meet the diverse needs of its customers, from savings and investment options to bespoke mortgage advice.

With a strong commitment to the local community, Penrith Building Society stands as a pillar of support, offering not just financial services but also contributing to local initiatives and charities.

They are a member of the Building Societies Association.¹

Why Consider Penrith?

Penrith Building Society has helped generations of savers and borrowers with their financial services needs since 1877.²

Penrith Building Society’s ethos—to provide fair, straightforward services to its members—has stood the test of time.

Does Penrith Building Society Have an Equity Release Calculator?

Penrith Building Society does not have an equity release calculator.

If you are looking for an equity release calculator, why not try the one below and discover how much you could potentially release from your home?

Learn More: Using an Equity Release Calculator

What Are The Pros and Cons of Penrith Building Society?

The pros of Penrith include that it has been in business for over 140 years however, a con is that it does not provide equity release.

The pros of Penrith Building Society are:

• It has been in operation for over 140 years.
• Authorised and regulated in the UK by the FCA³.
• It can offer a RIO mortgage instead of equity release.

The cons of Penrith Building Society are:

• It does not provide equity release.
• The RIO mortgage on offer requires monthly interest repayments.
• You could risk losing your home if you default on your monthly payments.

Penrith Building Society Client Reviews and Ratings

Find out what customers have to say about Penrith Building Society:

• Feefo.com reviews of Penrith Building Society
• Customers reviewed Penrith Building Society on SmartMoney.com

How Did We Review the Information on Penrith Building Society?

We reviewed the info on Penrith Building Society by gathering all the latest data available on the organisation.

Our review of Penrith is an unaffiliated, third-party independent review.

Customer Complaints

If you are dissatisfied with Penrith Building Society and want to make a complaint, you can do so in person, by phone, on its website or in writing.

For your convenience, here are the contact details:

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

Telephone:
01768 863675

What Are Penrith Building Society's Fees?

Penrith Building Society's mortgage fees may include any of the below, depending on the plan you take out.

List of possible fees:

• Valuation Fees
• Legal Fees
• Higher Lending Charge
• Administration Charge
• Providing Information Charge
• Change Fees
• Electronic Bank Transfer Fees
• Ending Your Mortgage Fees

Learn More About Penrith Building Society

Penrith Building Society is a membership-based ‘not-for-profit’ organisation and a cooperative building society.

It takes a personal approach to its job and strives to make consumers feel at ease when borrowing and saving with it.

Its employees are friendly and helpful and will attend to all of its members’ demands.

It offers competitive interest rates on both savings accounts and mortgages.

It has been helping generations of savers and borrowers with their financial services needs since 1877 when it first opened its doors in Penrith.

While it has changed quite a bit since then to keep up with the times, its ethos has remained the same.

Its aim is to provide fair, straightforward services with its members at the heart of everything it does.

As a mutual organisation, it exists for its members and it has spent the past 140 years building a reputation as a building society people can have the utmost trust and confidence in.

Regulatory Details

Trading Names

Penrith Building Society

FCA Permitted Services

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

Regulators

• Financial Conduct Authority (FCA)⁴
• Prudential Regulation Authority (PRA)⁵

Registration Numbers

• FCA Ref Number: 164473
• 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, United Kingdom.

Common Questions

Conclusion

Penrith Building Society is a well-established financial services provider, and with over 145 years of experience behind it, you can rest assured that it knows what it is doing.

Get in touch with a qualified financial advisor to discuss your later-life lending options.

Although Penrith Building Society can not offer you an equity release plan, perhaps their alternative RIO mortgage could be a suitable option for you.

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.