Best Principality Building Society mortgage deals
Whether you're an existing customer or a first-time buyer, compare the best mortgage interest rates from Principality Building Society with our comparison tool below. To see what rate you could be offered, create a free Tembo recommendation.
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When you create a Tembo recommendation, you'll get a free, downloadable Mortgage In Principle for each of the schemes you could qualify for.
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Create your own free, personalised recommendation to see the best way for you to remortgage, including if you should stay with Principality Building Society or change to another provider.
What type of mortgages does Principality Building Society offer?
Principality Building Society offers a wide range of mortgage products, including fixed-rate and tracker mortgages for first-time buyers, home movers, remortgagers and buy-to-let customers. They also offer some niche products including Joint Borrower Sole Proprietor mortgages, Deposit Boost, 95% mortgages for buyers with smaller deposits, and shared ownership.
As with any provider, whether Principality Building Society is the best mortgage lender for you depends on your affordability and unique circumstances, what mortgage products you're eligible for, and what the market is currently like. An expert mortgage broker like Tembo can help you navigate these factors to ensure you get the best mortgage deal for you.
How much could I borrow from Principality Building Society?
Like most mortgage lenders, Principality Building Society offers a range of mortgage products with different eligibility criteria. How much you could borrow for a mortgage depends on which products you're eligible for, your household income and deposit, and other factors like your credit score, employment type, and outgoings. But typically you can borrow between 4-4.5 times your income, although some applicants may be able to borrow more than this.
By creating a free Tembo recommendation, you can see what you could be offered for a mortgage by Principality Building Society and other providers without applying.
Can I make overpayments on a Principality Building Society mortgage?
If you currently have a Principality Building Society mortgage and you're on a fixed-rate product, you can only overpay by up to 10% of your outstanding loan balance each year. So for example, if you have an outstanding mortgage balance of £180,000, this would mean you can overpay by a maximum of £18,000 without being hit by an Early Repayment Charge (ERC). Anything above this 10% threshold, you will have to pay an ERC on.
Principality Building Society is the first-choice lender for many customers as they are known for excellent customer service, as well as offering some schemes for first-time buyers. A mortgage broker can help you figure out if Principality is the right lender for you and help you find the best deal for you.
Ruth Russell
Mortgage Advisor at Tembo
Are Principality Building Society a good lender?
Principality Building Society is known for being a good lender, having won the What Mortgage Award for the best building society customer service six years in a row. They also have a medium rating on Trustpilot when compared to lenders like HSBC, rated 2.4 out of 5 from 131 reviews.
Principality is the 6th largest building society in the UK and the 16th largest mortgage lender. Despite being on the smaller side, they offer a decent range of first-time buyer mortgages in comparison to some larger providers. However, they do not offer as many specialist schemes for customers who have credit hurdles or a complicated situation, which prevents them from using a standard mortgage.
Does Principality Building Society offer guarantor mortgages?
Principality Building Society does offer guarantor mortgages including Joint Borrower Sole Proprietor mortgages (a.k.a Income Boost mortgages) and gifted deposits. Whether their products are right for you and your family depends on your unique affordability, as well as what mortgage products you qualify for. Working with a mortgage broker like Tembo who specialises in family-supported mortgages can help you navigate lenders' different eligibility criteria and find the best deal for you from across the market.
Looking for a new mortgage?
First home
Unsure which mortgage deal to go for? Buying your first home can be confusing and overwhelming. Get help from the experts.
Remortgage
Coming to the end of your current deal? Remortgage onto a new one with our help. We'll show you whether you should stay with the same lender, or switch.
Moving home
Upsizing to your forever home? Or maybe you're downsizing to something more manageable. Whatever your reason for moving, we can help you find the best deal for you.
Buy to Let
Thinking of becoming a landlord? We can help you discover the best buy to let mortgage deal for you and how you could boost your mortgage affordability.
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The application process
4 simple steps to buying your first home or remortgaging
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Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the mortgage deals and budget-boosting schemes we advise on.
Apply for your new deal
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