Principality is the largest Welsh building society. They were established as a mutual Building Society in 1860. Today Principality is one of Wales’s best-known financial institutions having 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 over £4 billion in assets.

Principality is committed to remaining a mutual organization. It continues to invest in the Welsh and Borders communities, and is working diligently to build a better Society for its members. Principality aim at the benefit of their members rather than shareholders.

They provide mortgage services designed to help you if you are 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

Fixed rate mortgages allow you to work out exactly how much you will be your monthly payment regardless of interest rates fluctuation. These offer security and peace of mind. The mortgage rates are fixed for an agreed period depending on which product you choose, which can be 2 year, 5 year or 10 year period. At the end of this period the mortgage will convert to the standard variable rate for the remainding mortgage term.

Tracker mortgages track the Bank of England base rate for a set interval, usually 2 years or 3 years. If the base rate falls your interest falls and you’ll pay less, and if it rises your interest will rise as well. If you choose this type of mortgage Principality will notify you within 30 days if the rate changes. At the end of the agreed period the mortgage will relapse to the standard variable rate.

Discount rate mortgages are most attractive to first time buyers who want lower payments in the early days of their mortgage so that they have access to more money. The discount rate is less Principality’s variable mortgage rate for an agreed period. At the end of this period the mortgage will relapse to the standard variable rate.

Flexible mortgages adapt to your circumstances. You can make overpayments and help pay off your mortgage early. You can also make underpayments as long as you’ve made enough prior overpayments. At the end of the agreed period the mortgage will go back to the standard variable rate.

Buy to Let mortgages are available for both property purchase and re-mortgaging. Fixed and Discounted rate products are offered.