Principality Building Society

WHO ARE WE?

Principality Building Society – Helping You Open Doors.

Our positive attitude to lending is the key to getting your customers home.

We understand that for you to succeed in your business, you need a strong, professional relationship with us. With a wealth of experience in Financial Services, our dedicated Intermediary Support team pro-actively encourage the upfront discussion of applications. 

We work hard to build relationships but this is only part of what makes us different:

• Access to BDMs with experience and knowledge to make instant decisions
• An Intermediary Support team with direct access to senior underwriters
• User-friendly Brokerpoint online mortgage system and Document Upload facility

OUR PRODUCTS AND SERVICE

We lend throughout England and Wales on a residential, BTL and Holiday Let basis.

Some of our unique selling points include:

• Holiday Lets at Buy to Let Rates
• Up to 4 applicants per application with all 4 incomes considered
• Interest Only considered on residential lending up to 50% LTV with no minimum income requirement
• Family gifted deposit/equity considered
• 10% Overpayment facility across the entire mortgage range
• Foster Carers and Fixed Term Contracts considered
• Forces Help to Buy
• Let to Buy and Consumer Buy to Let

HOW TO REGISTER

You will first need to download and complete a Broker Registration Form. Please send the completed form to brokerpoint@principality.co.uk and we will issue your Brokerpoint login details within approximately 48 hours.

SUBMITTING AN APPLICATION

1. Firstly, check your clients’ affordability using the Affordability Calculator on Brokerpoint. 

Top Tips:

• Income - Ask your clients to provide you with proof of their income up front, and ensure it matches the income they’ve declared, before their application is submitted.

• Commitments - Always analyse bank statements closely to confirm that declared expenditure matches what the statements actually show. Where possible encourage all clients to provide you with a copy of their credit report.

• Basic essential expenditure and Quality of living cost - Provide as accurate figures as possible in order that we can accurately assess affordability.

 
2. Proceed to an AIP for Residential Cases Only. For BTL proceed straight to full Application.
Please note for applications that attain a credit score "Refer" a full application must be submitted together with all supporting documentation to enable our underwriting team to access the application.

 
3. Complete a full online application.

We aim to process your application as quickly as possible in order for us to do this we required your co-operation in supplying us with supporting documents within 7 days of submission.

WORKING TOGETHER TO GET THINGS RIGHT FIRST TIME.

To make life easier and to speed up the mortgage application process we have set standard requirements for all cases. We will always ask for the documents listed below and failure to submit these documents will result in processing delays. 

Standard requirements can be scanned to us via our Document Upload facility. Please scan each document individually and label with the correct heading, this will ensure that we can identify and process all your documents quickly, saving time for you and your client. 

Essential documents required in ALL cases for each mortgage applicant: 

Signed and Dated -

• Mortgage Declaration (Please ensure you send all pages of the declaration, not just the signature page).
• Direct Debit mandate. 

Evidence of Income -

• Employed - The latest 1 months payslips or 3 weekly, if using basic pay only, where variable pay is being used e.g. bonus, commission, overtime etc then the latest 3 months payslips will be requested.
• Self Employed - The latest 2 years accounts prepared by an appropriately qualified accountant along with a full month personal bank statement showing the applicants name, address, sort code and account number. Please refer to the Intermediary Lending Criteria on Brokerpoint for a full list of acceptable accountant qualifications.
• Evidence of pension income details where applicable.
   

Bank Statements –

• Latest full month bank statement showing each applicant’s salary credit if in employment. In the case of applicants being Self Employed, the latest full month’s personal bank statement. Bank statements must include the applicants name, address, sort code and account number.
   

Interest Only Mortgages -

• Evidence of a suitable repayment strategy is required for all interest only or part interest only residential applications. Please refer to the Intermediary Lending Criteria on Brokerpoint for full details of acceptable repayment strategies.

Once all documents have been assessed, Principality underwriters reserve the right to request further information. Failure to supply required information will result in a delay to the application. Our full mortgage lending criteria can be found at  www.principality.co.uk/PBS/Intermediaries/Intermediaries-Mortgage-Lending-Criteria

If you are unsure of any of our processes or are unclear on any element of our criteria, please call Intermediary Support on 0330 333 4021 for further guidance.