18 August 2017
Principality expands new build lending offer to enable more first time buyers to prosper
Principality Building Society has announced it will now lend up to 90% LTV on residential mortgages for all new build houses and flats in England and Wales.
This is an increase for Wales’ largest building society on new build properties from 85% LTV.
In addition, Principality will also commence lending up to 75% LTV on Buy-to-Let new build flats or houses in England and Wales. Both changes by Principality will be introduced today.
The Society says it is making the changes in response to the increase in new build houses and flats being built across the UK and the call to make mortgage products more affordable on these types of properties.
Shaun Middleton, Principality Building Society’s Head of Regulatory Sales said: “The UK’s new build market is showing positive signs of growth, with a much healthier outlook in the long run for those hoping to get on the property ladder. But we understand that many first time buyers across the country have smaller deposits so are looking for mortgage products to reflect that.
“Principality is expanding its mortgage lending offers on new build properties to give more choice to buyers for their needs and, importantly, help the new build market continue to prosper.”
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