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 committed to making more possible for you and your clients whilst providing expert support from our Business Development Managers and Intermediary Team. 

We value the relationship we have with our brokers and their networks and clubs.

At Principality, we're dedicated to making it as simple as possible for you to place business.

How can Principality help your clients?

• We can accept up to 4 applicants using all 4 incomes
• We will consider applications for Non-EEA Nationals up to 95% LTV subject to one year remaining on their VISA and at least 2 years UK residency
• We will ignore voluntary salary deductions including pension contributions and childcare vouchers from payslips 
• Gifted deposits from all family members are acceptable
• We accept up to £500 in CCJs and defaults in the last 6 years 
• We offer up 5.5x Loan to Income (LTI) for First Time Buyers & Newly Qualified Professionals

New Build mortgage criteria

• We lend up to 95% LTV on residential new build houses and 90% LTV on new build flats across England and Wales
• We offer Shared Ownership mortgages of 25-75% of the new build value.
• Extendable offer periods of 8 months + 8 months
• We do not net off any incentives – maximum cash incentive is 5%, otherwise we have no percentage limit
• 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 £1 Million at 60% LTV and up to £750k at 75% LTV
• First time landlords accepted
• First time buyers accepted
• No minimum Personal Income requirements
• 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 
• 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 CIS labour only contractors, requiring just one year’s accounts. 
• Bank nurses, supply teachers & Foster Carers only require 6 months proof of income
• We require a copy of the latest contract for Day rate contractors, which must evidence their income is over £50k pa using the calculation: 5x the daily rate x 48 weeks. 
• Locum doctors require just 3 months history of income, and we work of the latest three months invoices or remittance slips and annualise it.  
• 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.