Principality Building Society

Proc fees - when your proc fee will be paid

Lenders send payments by BACS which can take anything up to 5 working days to clear at PMS. PMS then make payment to brokers once the funds have cleared in our account.  

Overview

We’re here to help!

We’re committed to delivering the best mortgage solutions for you and your clients whilst providing you with expert support from our Business Development Managers and Intermediary Support Team. 

We value the relationship we have with our brokers and we’re dedicated to helping you to do business with us as smoothly and efficiently as possible. Based on feedback about what’s important to our brokers, we made five promises to the intermediary market that demonstrate how committed we are to making business with us as easy as possible.

How can Principality help your clients?

• We can accept up to 4 applicants on an application using all 4 incomes
• We will consider applications for Non EEA Nationals up to 90% LTV subject to VISA requirements and 2 years UK residency
• Our credit score is not driven by LTV or association
• We will ignore salary deductions including pension contributions and child care vouchers
• Gifted deposits from family are acceptable
• We accept up to £500 in CCJs and defaults in years 1-6 
• We accept second residential applications up to 75% LTV

New Build mortgage criteria

• We lend up to 90% on residential new build flats and houses across England and Wales
• We lend up to 75% on buy to let new build flats and houses across England and Wales 
• We support the HTB scheme in England and Wales 
• Extendable offer periods of 6 months + 6 months
• We offer priority underwriting for new build applications 
• All valuations are instructed on day 1

Buy to Let mortgage criteria

• Buy to Lets and Holiday Lets are available up to £750k at 60% and up to £500k at 75% LTV
• First time landlords are accepted
• We will offer a let to buy with no onward purchase

Other Income mortgage criteria

• We will accept the latest years self-employed figures for cases below 75% LTV (including HTB)
• For partners in large firms, we will accept written confirmation from the company accountant, finance or the managing director as proof of income
• We will consider labour only contractors, limited company directors and sole traders
• Bank nurses and supply teachers only require 6 months proof of income
• We only require a copy of the latest contract from day rate contractors which must evidence their income is over £50,000 using the calculation: day rate x 5 days x 48 weeks
• We work off an average for locum doctors and require 6 months invoices or remittance slips 
• We will work off an offer letter confirming the start date and salary for newly qualified medical students

*The above criteria points are subject to full underwriting.