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Principality Building Society

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Principality Building Society – Helping You Open Doors

Principality are the UK’s 6th largest Building Society and have been in business for over 150 years.

Their positive attitude to lending is the key to getting your customers home

Principality understand that for you to succeed in your business, you need a strong, professional relationship with Principality. With a wealth of experience in Financial Services, their dedicated Intermediary Support team pro-actively encourage the up-front discussion of your applications.

They work hard to build relationships but this is only half of what makes them different:

  • Access to BDM’s with experience and knowledge to make instant decisions 
  • An Intermediary Support Team with direct access to senior underwriters 
  • User-friendly Brokerpoint online mortgage system, document upload and case tracking facility 

Principality’s Products and Service

Principality lend throughout England and Wales on a Residential, BTL and Holiday Let basis. All of their products include a 10% overpayment facility and reducing tiered ERC’s as standard.

USP’s

Holiday Lets
Holiday Lets at Buy to Let rates

Up to 4 applicants
Up to 4 applicants per application with all 4 incomes considered

Up to 95% LTV
Principality will lend up to 95% LTV for Residential purchases within core territory. Core territory is defined as Wales and the post code areas of SY, HR, CH1, CH2, CH3, CH4.

Interest Only
Interest only considered on Residential lending up to 50% LTV with no minimum income requirements

Family gifted equity considered
For ales between families they will consider gifted equity as a source of deposit. For applications where the LTV is 75% or greater the applicant(s) must provide a minimum 5% deposit from their own resources based on the lower of the purchase price value of the property. If the LTV is less than 75% no deposit is required from the applicants own resources

Fixed Term Contracts
Fixed Term Contracts are considered provided the contract term is 12 months or more with at least 6 moths remaining at the date of submission

New Build Flats/Apartments
They will lend on new build flats/apartments on a BTL basis in core terrioty. Core territory is defined as Wales and the post code areas of SY, HR, CH1, CH2, CH3 and CH4.

Forces Help to Buy
These schemes are acceptable

Foster Care Income 
For applicants who are foster carers Principality will require 6 months remittance slips with corresponding bank statements, along with a letter from the Foster Care Agency confirming how long the applicant(s) have been fostering and how many children are in the applicant’s foster care

Builders Incentives – New Build
Builder’s incentives are acceptable provided they are fully disclosed, taken into account by the Surveyor and informed by the CML Disclosures Form

Parental Assist
They will consider applications made jointly between a parent and a son or daughter, using the income and expenditure of all applicants to assess overall affordability in the same way as any joint mortgage application. In such cases applicants should obtain independent legal/financial/tax advice prior to completion. It is accepted that the parent may not reside in the property.

Contact Principality

Their field based team is made up of four BDMs covering Wales, the North West of England, South West England and the Midlands. They also have a dedicated Intermediary Support Desk with direct access to underwriters who are available 9am – 5pm Monday to Friday to answer your criteria questions and discuss your new business enquiries.

Contact numbers

New Business Enquiries & Intermediary Support Desk – 0330 333 4021intermediary@principality.co.uk

Case updates & Brokerpoint Registrations – 0330 333 4029brokersupportteam@principality.co.uk