The Principality prides itself on being the biggest Welsh building society. It has around 420,000 members and has 51 branches across Wales.
It is a mutual society, which means Principality is run for the interests of members rather than shareholders. In practice this allows the Principality to re-invest its profits by offering its customers better mortgage and savings rates.
Mortgages from the Principality
Principality offers one of the market's best current rates on 2-year Fixed Rate mortgages:
- 5.64% starting interest rate, until June 2010
- Application fee £999
- Available up to 90% LTV
Another decent offer is the 2-year Flexible Tracker. This starts at 5.74% and will stay at bank base rate +0.74% until July 2010.
The society has withdrawn its well-known "Fee Saver" mortgages, but has kept product fees generally under £1000.
Principality Buy-To-Let Mortgages
The rates on these mortgages are also low, but the fees are a percentage of the loan. So even though the Two-Year Tracker has a very low starting rate of 5.89%, its two-and-a-half percent fee means you could be paying £4000 to take out a £160,000 mortgage.
Choosing a Principality Mortgage
We recommend that the best way to find out if Principality Mortgages are right for you is by speaking to an FSA-qualified mortgage adviser.
They can compare other lenders for you and make sure you are getting the very best deal at the moment. The best thing about this service is that you do not pay a fee, since they obtain commission from the lender itself.
Use our secure, 1-minute enquiry form to get a free call back from an impartial adviser – for whole-of-market mortgage quotes with no strings attached.