Manage your mortgage

We recognise that over the lifetime of your mortgage your circumstances will probably change. As a Principality Building Society mortgage customer, we have a number of services that you can use to help with those changes.

You can manage your mortgage online, alongside your savings account with Your Account.

Here's what you can do online with Your Account

  1. View all your savings and mortgage accounts
  2. Access Your Account 24 hours a day
  3. View all your balances and current interest rates
  4. Contact us via secure message 24 hours a day
  5. Print your tax certificates whenever you need them

You can register for this online service whether you’ve opened your Principality account by post or in a branch, letting you check on your accounts, whenever you want, wherever you are.

Of course, you can continue to operate your Principality accounts as normal, whether by post, over the phone or by popping into your local branch. We're always pleased to hear from you!


Whether you're switching your mortgage deal, thinking of removing someone from your mortgage or having difficulties paying your mortgage; we can help you. Have a look at the table of contents below and click on any that you're interested in for further information.

Your first monthly mortgage payment

Why is my first payment different to my subsequent mortgage payments?

When your mortgage is set up, the funds are sent to your solicitor to distribute. These funds allow you to purchase or remortgage your property. Although the mortgage begins from this point you are not asked to make a monthly payment until the direct debit is set up. This can be up to two months after the funds are released for purchase.

During this time, you've been in receipt of the funds but you've not yet made a monthly payment and interest is accruing. This initial amount of interest is sometimes called the accrual and payment of this interest can either be paid before your first monthly payment or is sometimes taken with your first monthly direct debit payment.

An example

If a customer's chosen direct debit date is the 15th of each month and their mortgage was advanced on the 20th of June, their first monthly repayment would not be collected until the 15th of August. This is because the chosen direct debit date falls within the one month period and therefore the collection of the direct debit defaults to the following month. In this example, the customer would pay initial interest from the 20th of June to the 31st of July.

Call us or visit us at one of our branches if you'd like to discuss this further.

Paying your mortgage by direct debit

A convenient way to pay your Principality mortgage

As a Principality borrower, you can pay your mortgage repayments by direct debit. This convenient payment method means that you don't need to write cheques every month or deal with continuous paperwork or postage because your monthly payments are collected directly from your bank account. 

If you already pay some of your other household bills by direct debit, you'll know how convenient this method of payment can be. 

How to change to direct debit

All you need to do is complete and print our direct debit instruction and send it to us. Please remember to tell us the date on which you would like us to collect your payments. Of course, you can always call us or visit us at one of our branches, if you’d like to talk to us about setting up or changing your direct debit. 

We can collect your payments on either a working day between the 1st and 25th of the month or on the last working day of the month. If you'd like us to collect your monthly payment on the last working day of the month, please enter your payment date as last day of the month.

Changes in your mortgage repayment

We'll continue to tell you in advance of any change in your mortgage repayment(s) in the usual way. However, you won't need to do anything to change the amount; we'll automatically adjust the amount collected from your bank account. 

Direct debits – your questions answered

Q - Can I cancel a direct debit Instruction? 

A - Yes, instructions can be cancelled by contacting your bank. Please also notify us. 

Q - What if I have my direct debit returned to my bank unpaid? 

A - We will write to you to confirm we will re-present the direct debit in 10 days. You should be aware that a charge is payable on all returned direct debits. For further details please refer to our mortgage tariff of charges. 

Q - What sort of account do I need to use direct debits? 

A - Most current accounts at banks can be used to make direct debit payments. Some special deposit accounts now allow them too, just ask your bank. 

Q - Can any organisation collect money by direct debit? 

A - No, banks only permit organisations with known integrity and sound financial and administrative capabilities to collect money by direct debit. 

Q - Will I still receive notification of new repayments? 

A - Yes, but they will only be for information and to check against your bank statement. 

If you'd like to pay your mortgage by direct debit: print, complete and send us our direct debit instruction for your bank or building society.

Difficulties in paying your mortgage

How can I get my mortgage back on track if I've missed a payment?

When this happens, Principality Building Society can guide and help you to get your payments back on track. We can work with you to arrange the right solution to get you up to date with your payments again.

If you think you're likely to face difficulties in paying your mortgage, it's important to speak to us as soon as possible. Don’t wait until you've missed a payment before you contact us.

You may be at risk of becoming unemployed, you may be unable to work because of a long period of sickness, you may be experiencing family difficulties or it may be that your wages haven't been paid on time. Whatever the reason, you should get in contact with us. Please call us on 0330 333 4020 between 9am and 5pm, Monday to Friday. We'll always try to work out a solution with you.

A choice of ways to pay

We offer a choice of ways to pay, so you can pick the one that’s fastest and most convenient for you. If you haven’t already set up regular payments for your mortgage, you need to do so right away. You’ll find more about this below. If you have a payment shortfall you can pay the outstanding amount by:

Telephone - to make or set up payments, just call us on 0330 333 4020 between 9am and 5pm, Monday to Friday.

Cheque - please make your cheque payable to Principality followed by your name (e.g. Principality – Mr A B Sample), and write your account number on the reverse. Then post it to: Arrears Department, Principality Building Society, Principality Buildings, Queen Street, Cardiff CF10 1UA.

Visiting your local Principality branch - you can find details on all our branches on our branch finder page.

Setting up a regular payment

This is the easiest way to pay your mortgage. There are three different kinds of regular payments you can choose:
Direct debit - to set up a direct debit please call us on 0330 333 4020
Bank transfer or Standing order - to set up a standing order or a bank transfer, your bank will need to know our account details. They are:

Sort code: 20-18-15

Account number: 90653535

You will also need to quote your mortgage account number as the reference.

Talk to us

Don’t hesitate to get in touch If you are having financial difficulties and need to discuss your mortgage with us. We'll try to help you. Visit our webpage, Having Difficulties Paying Your Mortgage. This explains how we will treat you fairly, and what steps you should take to help yourself. Please call us on 0330 333 4020 between 9am and 5pm, Monday to Friday. We'll do all we can to help you.

Mortgage payment types

There are three possible mortgage payment types:

Repayment

Each monthly payment consists partly of capital (the sum you’ve borrowed) and partly of interest (the monthly interest on the sum you’ve borrowed). Provided all payments are made on time, the loan is repaid at the end of the mortgage term.

Interest only

Each monthly payment consists of interest only (the monthly interest on the sum you’ve borrowed). No capital is repaid during the mortgage term. This means that at the end of the mortgage term the amount borrowed will still be owed in full. The borrower takes full responsibility for ensuring that the loan is repaid at the end of the term. This is often achieved by having some sort of investment that, when mature, pays off the capital (the sum you’ve borrowed).

Changing to interest only is dependent on certain criteria being met and our agreement. To discuss this further, call us or make an appointment at one of our branches.

Repayment/Interest only split

This consists of a mix of the above two mortgage payment types, so that part of your mortgage would be on a repayment basis and part of your mortgage would be on an interest only basis.

Can I change my mortgage payment type?

If you'd like to discuss any changes to your mortgage repayment type, why not call us or make an appointment at one of our branches.

Switching your mortgage deal

What happens when one of my existing mortgage deals comes to an end?

Before your mortgage deal ends

When any of the mortgage deals on your account is due to end we'll send you notification, at least six weeks before the maturity date, showing the available deals to which you can switch.

What you need to know when your existing mortgage deal ends and you want to choose another mortgage deal

As you're an existing Principality mortgage holder, you'll be able to apply for a new mortgage deal, either by seeking advice from us or by not taking advice and informing us to carry out your instructions.

It’s important that you read and weigh up these options before deciding how to apply for your mortgage deal.

Read more here about what you need to know when you change your existing mortgage deal.

If you do nothing

If you don't select anything to replace your mortgage deal before it ends, that part of your mortgage will attract interest at our Standard Variable Rate (SVR) on maturity. You can find out more here about our Standard Variable Rate (SVR).

Term adjustment

What is a term adjustment?

Your mortgage term

The term of your mortgage is the number of years you agreed to pay off the loan you borrowed when you bought or remortgaged your property. The term will have been agreed with us when you first took out your mortgage. We understand that as your circumstances change, you may wish to change the term of your mortgage.

Adjusting your mortgage term

You can apply to change the term of your mortgage; making it either longer or shorter. You'll need our agreement to do this and our agreement will be subject to our lending criteria and affordability. Please note that adjusting the term of your mortgage will have an effect on your mortgage monthly payments.

If you'd like to change your mortgage term, why not call us to discuss this or make an appointment at one of our branches.

Further advance

What is a further advance?

A further advance is an additional loan taken by a borrower who already holds a mortgage with us. It's secured on the same property as the existing mortgage and all further advance applications are subject to our lending criteria.

Principality further advances – Your questions answered

Q - How much could I borrow?

A - Every application is assessed individually. The amount you'll be able to borrow is subject to our application and suitability criteria and affordability. The minimum amount you can borrow is £1,000.

Q - Over what period of time would I repay the further advance?

A - Subject to our lending criteria, you can borrow the money over a period of between 2 and 40 years. Repaying your loan over a shorter period of time will mean you pay less interest but your monthly payments will be higher than if you choose a longer repayment term. Repaying your loan over a longer period of time will mean you pay more interest but your monthly payments will be lower than if you choose a shorter repayment term.

Q - Are there any other charges?

A - There's an application fee of £205. There are no charges should you wish to make early repayments.

Q - Can I apply for another further advance if I already have one with Principality?

A - Yes, subject to our lending criteria. You just need to make sure that the total of your loan(s) and mortgage(s) does not exceed 85% of the value of your home and you can afford the repayments.

Q - How do I apply?

A - As an existing Member it’s easy to arrange. Simply call us or pop into your local branch; a member of staff will be happy to help.

If you'd like to discuss taking out a Principality further advance, why not call us or make an appointment at one of our branches.

Transfer of equity

What is a transfer of equity?

A transfer of equity is when you remove or add someone named on your mortgage. Sometimes, when your personal circumstances change, you may wish to add someone to your mortgage or remove someone from your mortgage. A transfer of equity needs our approval and is subject to our mortgage lending criteria and affordability.

If you are thinking of adding someone to your mortgage or removing someone from your mortgage, you can discuss that with us. Simply call us or make an appointment at one of our branches.

Bereavement

If you've suffered a bereavement, please accept our condolences.

When a Principality mortgage customer dies, we will need to see the original death certificate or a certified copy of the original death certificate. We will need to collect details of the family member, representative or executor who is acting on the deceased's behalf. We may also need to see other documents but we will let you know if this is so.

If you need to talk to us about the deceased's mortgage, please call us or make an appointment at one of our branches.

For further information, why not take a look at our section, Registering a Death.

Certificate of mortgage interest (MIRAS 5)

What exactly is a certificate of mortgage interest?

A certificate of mortgage interest (MIRAS 5) is a certificate giving details of the interest charged to your mortgage account during the previous tax year. A certificate of mortgage interest is required by some of our mortgage customers for tax purposes.

If you need a certificate of mortgage interest, please call us or make an appointment at one of our branches.

Please note that we cannot produce a certificate of mortgage interest for tax paid until the tax year in question has ended.

Release of part security

What is a release of part security?

A release of part security is when a mortgage customer sells part of their land and/or outbuildings on that land. It is known as a release of part security because, if we agree to it, we would be releasing a portion of the property forming part of our security on the mortgage. The process is often handled on the customer's behalf by a solicitor and can involve having the property valued again.

If you think you may want a release of part security, you will need to discuss that with us. Simply call us or make an appointment at one of our branches.

Principality. Where home matters.