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UK's 18th largest lender

Principality lent just under £2bn in 2018. That's around 1% of all mortgage lending.

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31-day submission time

That's 15 days slower than the average of 25 lenders we measured.

About Principality Mortgages

Founded in 1860 in Wales, Principality Building Society is the sixth largest UK building society and is owned and run for the benefit of its half a million members.

Principality has a selection of mortgages to choose from, including first-time buyer and buy-to-let mortgages. These are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed and affordability. 

In this review we’ll cover:

All information on this page was up to date as of August 2019.

Is Principality a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Principality’s customer complaints record between July and December 2018. During this period, the Financial Conduct Authority (FCA) received 355 officially upheld complaints. That’s around 0.4% of customers, which is on par with 0.4% average across the major lenders.

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Principality application take?

During the last six months, the average speed that Principality processed a Trussle customer’s successful mortgage application was 31 days. That’s slower than the 16-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of the application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

How much could I afford to borrow from Principality?

The amount you can borrow for a Principality mortgage can vary and depends on your financial circumstances. You’ll find Principality’s mortgage calculator on their website – this will give you an estimate of how much you may be able to borrow.

Principality mortgage calculator

See how much you could borrow with this Principality mortgage calculator. Calculate your Principality mortgage payments.

How much can I borrow?
Mortgage repayment calculator

Your home could be repossessed if you don't keep up repayments on your mortgage.

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

You could borrow up to

Loan to value (LTV):00%
Including your deposit, you could afford a house price up to£000,000
Other fees you may have to pay:
Broker fee(free with Trussle)
Additional fees(learn more)

Next steps

If you're ready to get a mortgage, the next step is to answer a few more questions. Then a Trussle adviser will find the best mortgage deal for you.

Your home could be repossessed if you don't keep up repayments on your mortgage.

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

Frequently Asked Questions (FAQs)

Principality offer a number of mortgage options for existing customers looking to change their rate, new customers who want to purchase their first home and buy-to-let landlords.

Principality first-time buyer mortgages

Principality offer a range of first-time buyer mortgages. You can use their mortgage calculator to see how much you could borrow or download Principality’s Complete Guide to Buying your First Home, which is available on their website.

Principality buy-to-let mortgages

If you’re looking to purchase your first buy-to-let property or you want to expand your portfolio, Principality has a number of options – including Principality holiday let mortgages. You’ll have to meet the criteria to be eligible; for example, sole applicants must have a min income of £20k (£30k for joint customers).

A Principality mortgage offer expires three months from the date the offer is issued, and this is  stated on the first page of your Mortgage Offer Illustration.

The lending criteria will depend on the type of mortgage you’re looking for. You’ll need to present Principality with full details of your financial circumstances in the application stage so they can make an informed and accurate decision.

You can make overpayments on all of Principality’s mortgage products, but rules do apply. For example, you can pay up to 10% of your mortgage balance outstanding as at 1st January, but if you go over this allowance you’ll have to pay redemption penalties.

You might be able to take a mortgage payment break if you have a Flexible Mortgage with Principality. However, if you have a different type of mortgage and you’re worried about making payments, you should contact them as soon as possible (see contact details below).

You’ll have the opportunity to switch to a new mortgage deal when your current one expires. You can do this by speaking to a qualified adviser or by making an independent decision. 

Yes, you can view your mortgage account at any time through your online account. You’ll find the Principality mortgage login page on their website (where you can also register for an account).

In order to help safeguard the lender’s investment in your home, they’ll always require you to take out buildings insurance on the property. 

Contents insurance isn’t compulsory but is highly recommended.

You’ll find reviews of Principality’s mortgages on a range of consumer review sites and forums, including TrustPilot and Moneysavingexpert.com.

To find out if you were sold PPI, check your mortgage agreement. It’s likely that you’ve been sold it if the document contains any of the following terms:

  • Payment cover

  • Protection plan

  • Loan protection

  • ASU

  • Loan care

The FCA deadline for PPI complaints was 29 August 2019, however you might be able to file a complaint if there is a “significant or exceptional” reason as to why you missed the deadline.(2)

You can get in touch with a Principality adviser by calling 0330 333 4000 – lines are open until 8pm in the week and 1pm on Saturdays. You can also book an appointment at one of their local branches located across Wales.

Looking at pictures

Get a mortgage with Trussle today

  • Our remortgage customers save an average of £171 a month*

  • Trussle is fee-free for most customers**

  • 5-star Trustpilot rating from over 5,000 reviews

  • 12,000 mortgage deals from 90 lenders

  • Skip the paperwork: apply online any time

*The savings figure is from Trussle mortgage customers in September 2022. **You may have to pay a fee depending on your circumstances and credit history. Learn more.

Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Information was sourced from Principality Building Society’s own website, unless referenced below.

(1) FCA

(2) Money Advice Service