In This Article
Who are Principality Building Society?
Principality Building Society is one of the UK’s largest building society.
The society continues to provide its members with mortgage, savings, insurance and corporate finance services but also a localised approach it has provided ever since.
The Society operates its business throughout Wales and the borders with a growing portfolio of branches and agencies. As a result, it has become the most prominent building society in Wales.
Principality works hard to build relationships; they are driven by a desire to make a difference and create opportunities for people to fulfil their potential.
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Who owns Principality Building Society?
Principality Building Society is a mutual organisation, which means its members, instead of shareholders own it. It is owned by over 50,000 members who have a share in its success.
It provides services to clients through the internet, telephone, and high street branches. The society is also a member of the Building Societies Association.
What does Principality Building Society specialise in?
Principality aims to focus on understanding customers’ business and needs.
They lend throughout England and Wales on a residential basis, a Buy to Let basis, and a Holiday Let basis.
Principality residential mortgages
The building society offers a full range of residential mortgages; they focus on criteria just outside the requirements of leading high street banks.
Principality can help with criteria such as lending on new build properties and second homes, using all applicants’ income for affordability, lending to Non- EEA nationals or those on a visa and considering those with minor credit issues.
Principality buy to let mortgages
Principality tries to help landlords with their buy to let mortgages. The landlords could be either first-time landlords or those who are looking at a Let to buy mortgage.
They also aim to help those that have a holiday let or are looking to purchase one with a holiday let mortgage.
Principality mortgage rates
Principality Building Society could be an option if you’re looking for a residential or buy to let mortgage. They aim to offer competitive rates in their field, whether extended affordability, new build, or buy to let and holiday let.
However, as with any mortgage, it’s important to compare interest rates, fees, and the quality of the lender’s service before making a decision. A mortgage advisor can help you with this.
Can I switch my mortgage with Principality Building Society via a mortgage advisor?
Principality offers product transfers. This can be completed either online yourself or via a mortgage broker. Before switching rates with Principality, you should investigate if you can remortgage to a more competitive rate with another lender.
A mortgage advisor has an independent view of the market and can advise you on all products available in the market to find the best option for you, which may not be staying with your current lender.
How long does it take to get an offer from Principality Building Society?
The average time from application to offer with Principality is around four weeks. However, this duration may be extended for more complicated deals, for example, due to bad credit, a non-standard property type, or complex mortgage.
Principality Building Society has declined me on my home mortgage; what do I do now?
If you’ve been declined a mortgage from the Principality Building Society, a mortgage advisor could help you find a lender willing to give you a mortgage. Principality Building Society can consider minor missed payments. However, other lenders can be more relaxed.
A mortgage advisor may be able to help you find a lender that can offer you the mortgage you need, regardless of your financial situation. If you want more details about your credit history, you can go to Check My File to sign up for a free trial.
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Conclusion
Principality Building Society is one of the UK’s largest building societies and has become the largest building society in Wales.
They lend on a residential basis, a buy to let basis, and a holiday let basis throughout England and Wales.
On residential mortgages, they offer a full range of products focusing on criteria that leading high street banks don’t provide.
Principality tries to help landlords who are either first-time landlords or those who are looking at a Let to buy mortgage.
They offer competitive rates in their field, whether this is extended affordability, new build or buy to let and holiday let.
You can switch your rate directly or via a mortgage advisor if you are an existing customer.
When looking at a new mortgage with Principality, the mortgage offer can take up to four weeks, longer for more complicated deals.
If you’ve been declined a mortgage from Principality Building Society, a mortgage advisor could still help you.
If you would like to speak to an expert mortgage broker, please complete the contact form, and I NEED ADVICE will match you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
