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Principality Building Society

Founded for the people of Wales in 1860, this mutual society continues to concentrate upon the needs of its members including savings, investments and mortgages. It is the largest financial services provider in Wales with 51 branches and 500,000 members. It is now placed in the top ten ranking of UK building societies showing pre-tax profits of £14.3m in the end of year accounts to December 2009.

There are a range of mortgages available including fixed rate, discount rate and tracker products to suit first time buyers, existing and new customers as well as buy to let investors. This society has one of the longest fixed rate deals available so if it is important for you to be able to plan for the longer term you may like to consider a ten year fixed rate mortgage product. Mortgage products with no set up or arrangement fees are available and can reduce your initial outgoings but will probably mean a higher overall interest rate

Early repayment charges vary from between 3 and 8% of you original loan amount depending upon the product you choose, check with your advisor about how this may affect you.

Principality Building Society Mortgage Products

Fixed rate: Can be approved for both purchasers and re-mortgagers and are available for 2, 4 or ten year periods. The interest rate you pay will depend upon the length of the agreement period and the deposit you provide. You will know exactly how much your mortgage repayments will be each month and can plan your outgoings for the term of the loan, at the end of the agreed period you will then switch to the Standard Variable Rate and your mortgage repayments will become variable.

Discount rate: The discount rate will give you a reduced interest amount compared to the Standard Variable Rate for an agreed period of time. You should be aware that the Standard Variable Rate may vary according to the Bank of England Base rate and may therefore rise or fall according to independent financial decisions. You can transfer this product to a new home if you decide to move within the discount period.

Tracker rate: These products will 'track' or follow the Bank of England Base rate so may rise or fall during the agreed length of your agreement, they will then switch to the Standard Variable Rate of the Society. Changes to your monthly re-payments are applied within 30 days of any Bank of England announcements so you will stay up to date with rises and falls and pay the most up to date amount.

If you are interested in a mortgage quotation including those offered by the Principality Building Society please complete our quick enquiry form.