What you need to know when you change your mortgage deal

What you need to know when you change your mortgage deal

As you are an existing Principality mortgage holder, you will 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.

Changing your mortgage with advice

If you’re unsure about which product would be most suitable for you or if you would like to receive advice on the options available, then the advised route is best for you. This may also be the case if you are looking to make other changes to your mortgage for instance extending your mortgage term or changing your repayment type.

Things to consider when choosing the advised route:

  • You will need to make an initial appointment either in branch or over the phone so we can understand your circumstances and needs for your mortgage, in order to make a suitable recommendation for you. This is usually followed by another appointment.
  • We may need to take a detailed look at your finances to make sure the mortgage is affordable – particularly if you are considering making any other changes.
  • We will provide advice and recommend a suitable product based on your needs and circumstances.

Changing your mortgage without advice

If you know exactly what you want and feel that you don’t need advice in order to change your mortgage deal, then you can simply provide us with your instructions. However, you must be comfortable that you know and understand all the details of the mortgage deal you want before proceeding on this basis.

Things to consider when changing your mortgage without advice:

  • We will not look at your needs and circumstances in relation to your mortgage.
  • We may need to take a detailed look at your finances to make sure the mortgage is affordable, particularly if you have told us about other changes you want to make to your mortgage.
  • We will not assess whether the product or any changes you want to make to your mortgage are suitable for you.

Decide whether you need advice on your options, or whether you know the change you want to make to your mortgage and are happy to instruct us without receiving advice.

With advice

Call our Customer Contact Centre and book an appointment with a mortgage advisor or arrange an appointment at one of our branches with a mortgage advisor.

Without advice

Many of our existing mortgage customers are able to switch their mortgage deal online. Alternatively, you can call our Customer Contact Centre with your instruction or arrange an appointment at one of our branches to give your instruction.