Compare Mortgage Rates from Principality Building Society Against the Market

About Principality Building Society

Principality Building Society was established as the Principality Permanent Benefit Building and Investment Society. For over 160 years, it has been a cornerstone of the Welsh financial sector, growing from a small local society to a major UK lender with over 500,000 members. Principality is known for its community focus, sponsoring the iconic Principality Stadium in Cardiff and investing in local initiatives.

Mortgage Products

Principality Building Society offers a wide range of mortgage products to suit different needs, including:

• First-Time Buyer Mortgages: Principality is committed to helping first-time buyers get onto the property ladder. They offer mortgages with up to 95% loan-to-value (LTV), meaning a deposit of just 5% is required. They also offer "Family Boost" options where family members can assist with the mortgage.

• Remortgaging: For homeowners looking to switch their mortgage to a better deal, Principality offers a range of remortgage products. These can help to reduce monthly payments or release equity from the property.

• Buy-to-Let Mortgages: Principality provides mortgages for both new and experienced landlords. They offer loans of up to 75% of the property's value. They also have options for holiday lets.

• New Build Mortgages: For those buying a newly constructed home, Principality offers specialized new build mortgages with features like extended offer periods.

• Joint Borrower Sole Proprietor Mortgages: This option allows for up to four family members to be on the mortgage to increase affordability, while only the homeowner is on the property deeds.

Principality offers both fixed-rate and tracker mortgages, with various introductory periods available. They also provide flexible features such as overpayment and payment holiday options on some of their mortgages.

Pros and Cons of a Principality Building Society Mortgage

Here's a balanced look at the advantages and disadvantages of choosing Principality for your mortgage.

Pros:

• Excellent Customer Service: Winner of the "Best Building Society for Customer Service" at the What Mortgage Awards for seven consecutive years, reflecting a strong commitment to its members.

• Support for First-Time Buyers: With 95% LTV mortgages and innovative schemes like the Joint Borrower Sole Proprietor option, they make it easier for new buyers to enter the market.

• Mutual Society Benefits: As a mutual, profits are reinvested into the society to offer better rates and services, rather than being paid out to shareholders.

• Flexible Features: Many mortgages include options for overpayments and payment holidays, providing flexibility for borrowers.

Cons:

• Limited Branch Network: Physical branches are primarily located in Wales and the English border counties, which may be inconvenient for customers elsewhere in the UK.

• Website Experience: Some customer reviews suggest that the online platform could be improved for a smoother user experience.

• Rates May Not Always Be Market-Leading: While competitive, it's always recommended to compare their rates against the broader market to ensure you're getting the best possible deal.

Customer Service and Reviews

Principality Building Society has a strong reputation for customer service and has won numerous awards. For seven consecutive years, they have been voted the Best Building Society for Customer Service at the What Mortgage Awards. They were also named the Best Building Society Savings Provider at the Moneyfacts Awards earlier today, 8th October 2025.

Customer reviews are generally positive, with many praising the friendly and helpful staff, competitive rates, and straightforward application process. Some customers have noted that the website could be improved, but the overall sentiment is one of satisfaction with the service provided.

How to Apply for a Mortgage with Principality

Applying for a mortgage with Principality Building Society is a structured process designed to be as straightforward as possible.

1. Initial Enquiry & Agreement in Principle (AIP): The first step is to get an idea of how much you could borrow. You can speak with a mortgage adviser over the phone or book an appointment online. They will help you secure an Agreement in Principle, which shows sellers and estate agents that you are a serious buyer.

2. Full Application: Once you have had an offer accepted on a property, you will need to complete a full mortgage application. A dedicated mortgage adviser will guide you through the paperwork and help you choose the most suitable mortgage product for your circumstances.

3. Gather Your Documents: You will need to provide several documents to support your application. These typically include:

• Proof of identity (e.g., passport, driving licence).

• Proof of address (e.g., utility bills, council tax statement).

• Proof of income (e.g., recent payslips, P60, or SA302s if self-employed).

• Recent bank statements.

Valuation and Offer: Principality will arrange a valuation of the property you wish to buy. Once the valuation is complete and all underwriting checks are satisfied, you will receive a formal mortgage offer.

You can apply directly with Principality or through an independent mortgage broker (recommended) who can manage the process on your behalf. Get started here to begin a free, no-obligation chat with a broker who specialises in Principality mortgages.