Paradigm has announced the addition of Penrith Building Society to its lender panel.
From today, Paradigm member firms will be able to access Penrith’s range of residential and buy-to-let mortgage products for both purchases and remortgages.
Penrith offers a range of variable rate mortgage products offering solutions for borrowers seeking mainstream and more niche needs including large loans, foreign currency, expats (including buy-to-let and holiday let), multi-unit, shared ownership, self-build/renovation, second home, and further advances.
The society also offers different criteria such as no maximum borrower age, use of earned income up to the age of 75, interest-only (up to 50% LTV with a minimum equity of £250k), expat buy-to-let and holiday let with top slicing if required.
Penrith uses a manual, individual approach to underwriting, using affordability measures rather than loan-to-income to assess cases. It lends across the whole of England, Scotland and Wales.
In addition, Penrith will also be added to Paradigm’s ‘Building Society Collective’ e-mail – a service offered by its Mortgage Helpdesk which allows member firms to send case enquiries to over 20 building societies at the same time for a case-by-case approach.
Richard Howes (pictured), director of mortgages at Paradigm, said: “Building societies continue to be at the cutting edge in terms of exploring existing and new product options and ensuring they provide mortgage solutions to a much wider array of borrowers.
“The Penrith Building Society proposition certainly achieves this, and then some, and we are very pleased to be able to kick off 2024 with its addition to our lender panel. It’s a lender that is active across England, Scotland and Wales and has a wide array of product choices, distinct criteria plus an individual-focused approach to underwriting cases.
“I’m sure Paradigm firms and their advisers will find much to interest them in this range, and we’re looking forward to working with the team at Penrith to highlight its offering to our members.”
Tim Vigeon, head of product development and distribution at Penrith Building Society, added: “Penrith Building Society are delighted and excited to be joining Paradigm Mortgage Service’s lender panel. We are very much looking forward to working with Richard and the rest of the team, so their members can enjoy using our flexible lending criteria which combined with our individual approach to lending will provide them with criteria that are not suited for high-street lenders.”