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Principality Building Society is the society where home matters. So when your customers find somewhere they love, our proactive approach to lending means we’ll make sure the keys fall into your customers hands as quickly and smoothly as possible.
We’re here to help!
We value the relationship we have with our brokers and we’re dedicated to helping you to do business with us as smoothly and efficiently as possible. Based on feedback about what’s important to our brokers, we made promises to the intermediary market that demonstrate how committed we are to making business with us as easy as possible.
We’re committed to delivering the best mortgage solutions for you and your clients whilst providing you with expert support from our Business Development Managers and Intermediary Support Team.
Why choose Principality ?
We promise to:
- Take a common sense approach and assess each case on its own merits.
- Instruct your valuation on day one.
- Answer any queries before you submit your case via our Intermediary Support Team
- Give you 48 hours’ notice before we withdraw a product.
How can Principality help your clients?
We can accept up to 4 applicants on an application using 100% of all 4 incomes.
We will consider applications for Non EEA Nationals with no LTV restrictions subject to VISA and UK residency requirements.
Our credit score is not driven by LTV or association.
We will ignore salary deductions including pension contributions and child care vouchers
Gifted deposits/equity from immediate family are acceptable
We consider up to £500 in outstanding CCJs and defaults registered within the last 6 years
We accept second residential applications up to 75% LTV
New Build mortgage criteria
- We lend up to 85% on residential new build flats and houses across England and Wales.
- We lend up to 75% on buy to let new build flats and houses across England and Wales.
- Extendable offer periods of 6 months + 6 months.
- We offer priority underwriting for new build applications.
- All valuations are instructed on day 1.
Buy to Let/Holiday Let mortgage criteria
- Buy to Lets and Holiday Lets are available up to £750k.
- Minimum income for BTLs and Holiday Lets £20,000 (Holiday Lets minimum income requirement £80,000 for loans above £250,000).
- We lend 70% LTV for Holiday Lets.
- We lend up to 75% LTV for BTL’s.
- First time landlords are accepted.
- Holiday Let maximum loan is calculated using annual rental based on high, medium and low quote from a local letting agency based on a 24 week occupancy.
Other Income mortgage criteria
- For partners in large firms, we will accept written confirmation from the company accountant, finance or the managing director as proof of income.
- First time Fixed Term contract workers are considered with 1 month payslip, contract term minimum of 12 months with 6 months remaining at application.
- Bank nurses, supply teachers and Foster Carers we only require 6 months proof of income.
- For Locum Doctors and require 6 months invoices or remittance slips.
- We will work off an offer letter confirming the start date and salary for newly qualified medical students.
COVID-19
We will assess affordability using the income that is currently being received by the applicant. If this is Furlough Income, we will write to the employer to confirm the date that they will be returning to work, if there are any contractual changes such as conditions, hours and pay and that the employee is not under notice of redundancy
For self-employed we will assess affordability based on the average of income from the last two years is used, or the figure from the latest year where lower. Underwriters will assess the stability of the business, taking into account the Industry sector and likely impact of COVID– 19. Where appropriate Business Bank statements and Accountants Reference will be requested to evidence ongoing financial viability.
*The above criteria points are subject to full underwriting.