Here is the latest update from the Principality Building Society. For full details download/ see their latest product bulletin here. Criteria information is available here. Access these product via our direct to lender mortgage club and get the benefits of payment on completion.
Principality Announcements
We’ve launched a self-employed mortgage range today!
Alongside our standard residential mortgage range, we’ve introduced several residential products for self-employed clients.
New mortgages for self-employed clients
Important: When searching for these products on MSO, please select the specific self-employed product.
If you select an incorrect product, your application may be cancelled.
For CIS workers:
2 & 5-year 65%, 75%, 85% & 90% LTV fixed rate products
Eligibility:
- Affordability will be assessed on annualised income payslips over 48 weeks.
- Income verified using 6 months’ CIS payslips and last 3 months’ bank statements.
- Applicants must prove at least 6 months of continuous CIS work, with no more than 6 weeks’ gap between contracts.
- Applicants need to have 12 months’ experience in a similar industry.
- Multiple contracts allowed subject to standard sustainability assessment.
For Limited company directors with 1 year’s accounts:
2 & 5-year 65%, 75%, 85% & 90% LTV fixed rate products
Eligibility:
- 1 year’s accounts or an accountant’s certificate prepared by an appropriately qualified accountant.
- The most recent accounts must not be older than 18 months
For sole traders with 1 year’s tax calculations:
2 & 5-year 65%, 75%, 85% & 90% LTV fixed rate products
Eligibility:
- Accountant’s certificate if available
- Or 1 year’s HM Revenue & Customs (HMRC) tax calculations, last year’s SA302 or online tax assessment supported by corresponding Tax Year Overview (must show the customer’s name, tax year, unique tax reference and HMRC logo).
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