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Penrith Building Society

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Penrith Building Society

Overview:

Penrith is a small historic town to the north-east of the Lake District. In 1877 a philanthropic group of citizens founded this mutual building society to help local people look after their money and buy their own homes. Our original Seal reads “Every Man His Own Landlord”, aptly expressing their principles at that time.

And to this day, providing savings accounts and mortgages for borrowers is exactly what we do. We are still based in Penrith, though now we also lend throughout England and Wales. We haven’t gone in for mergers to grow bigger. We haven't abandoned our ‘mutual’ beginnings and converted to a profit-making ‘mortgage bank’, or sold out to one either. We remain an independent local building society, of which there are only a handful left.

So, you may be surprised that we have repeatedly won national recognition. Impartial research for consumer magazine What Mortgage has clearly proved over many years that we charged our borrowers less. We have won their title of ‘Top Lender of the Year’ for being the UK’s cheapest mortgage lender.

Charging less interest is made possible by lower costs: no branch network, no regional management, no huge advertising campaigns, no call-centres and importantly, no outside shareholders to pay out. As a mutual building society we are membership-based; a ‘not-for-profit’
organisation. We believe in looking after our Members, not exploiting them.

We are also careful in our mortgage lending. We can be flexible, but have a responsibility not to lend people more than they can afford, which helps them manage in difficult times and reduces the risk of arrears. This also keeps our costs down and supports the opportunity to charge less.

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