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Principality

ABOUT Principality

Principality is the largest Welsh building society. They were founded as a mutual Building Society in 1860, and today

Principality is one of Wales's best-known financial institutions with over 420,000 members, 51 branches and over 600 staff across Wales and the Borders.

Principality Building Society is based in Queen Street, Cardiff and is the 12th largest building society in the UK with assets of over £4 billion.

Principality is committed to remaining a mutual organization and is working diligently to build a better Society for its members and continues to invest in the Welsh and Borders communities. Principality is a mutual society and they are in business for the benefit of their members rather than shareholders.

They offer a mortgage services designed to help you whether you’re a first time buyer or veteran of the property market. Principality offers a wide range of mortgages:

Fixed
Tracker
Discount
Flexible
Fee saver
Buy to Let

Principality Mortgage Products

How Much Can I Borrow: Usually you can borrow 3.25 times your annual salary. If you are self employed then it is usually 3.25 times your net profit for the past two years. Joint applications are also accepted. Repaying your Mortgage: The simplest option is to make a single payment once a month. This can either be a Capital or Interest repayment. A Capital repayment covers both the interest on the loan and also repays part of the original amount borrowed. The advantages of this are that the loan is repaid in full at the end of the term. You can also choose to increase your payments so that the loan is paid off quicker. An Interest repayment means that your monthly payment only covers the interest payable on your mortgage and does NOT pay off any of the initial loan. You will need a separate financial plan to cover your actual loan.
When you first take out your mortgage, Principality will advise you of the interest that is payable on the loan. If you choose a capital repayment mortgage you will also be advised how much of your loan needs to be paid to clear the mortgage by the end of the agreed term. You need to pay the requested amount(s) monthly until the end of Principality’s mortgage financial year (presently 30 September) – then a recalculation will be made to decide what payments you make for the following year providing no other changes are made such as interest rate alterations, extra monies advanced, etc… Principality also offer certain mortgage products on a ‘daily' or ‘monthly rest' basis. For ‘daily rest' accounts Principality calculate the amount of interest to be charged on a daily rather than a yearly basis. This has the advantage that as soon as you make your monthly payments, or any other additional mortgage payments, these will be credited to your account and the capital figure adjusted accordingly, rather than the adjustment being made at the end of the year. Similarly for ‘monthly rest' accounts, the amount of interest to be charged is recalculated on a monthly rather than an annual basis – so you end up paying off your loan more quickly. Should you be interested in a mortgage quotation including those offered by Principality please complete our quick enquiry form YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Principality Mortgage Products

How Much Can I Borrow: Usually you can borrow 3.25 times your annual salary. If you are self employed then it is usually 3.25 times your net profit for the past two years. Joint applications are also accepted.

Repaying your Mortgage: The simplest option is to make a single payment once a month. This can either be a Capital or Interest repayment.

A Capital repayment covers both the interest on the loan and also repays part of the original amount borrowed.

The advantages of this are that the loan is repaid in full at the end of the term. You can also choose to increase your payments so that the loan is paid off quicker.

An Interest repayment means that your monthly payment only covers the interest payable on your mortgage and does NOT pay off any of the initial loan.

You will need a separate financial plan to cover your actual loan.

When you first take out your mortgage, Principality will advise you of the interest that is payable on the loan. If you choose a capital repayment mortgage you will also be advised how much of your loan needs to be paid to clear the mortgage by the end of the agreed term.

You need to pay the requested amount(s) monthly until the end of Principality’s mortgage financial year (presently 30 September) – then a recalculation will be made to decide what payments you make for the following year providing no other changes are made such as interest rate alterations, extra monies advanced, etc…

Principality also offer certain mortgage products on a ‘daily' or ‘monthly rest' basis.

For ‘daily rest' accounts Principality calculate the amount of interest to be charged on a daily rather than a yearly basis. This has the advantage that as soon as you make your monthly payments, or any other additional mortgage payments, these will be credited to your account and the capital figure adjusted accordingly, rather than the adjustment being made at the end of the year.

Similarly for ‘monthly rest' accounts, the amount of interest to be charged is recalculated on a monthly rather than an annual basis – so you end up paying off your loan more quickly.

Should you be interested in a mortgage quotation including those offered by Principality please complete our quick enquiry form

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Current Principality Mortgage Offers

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