Principality. Where home matters.
12 March 2018
Principality increases maximum loan size for 80-85% LTV residential mortgage products
Wales' largest building society has increased its residential 80-85% loan to value (LTV) mortgage products from £350,000 to £500,000 maximum with immediate effect. Emma Graham, Intermediary Key Account Manager, said: "At a time of rising house prices in some areas, and smaller deposits, we have been receiving an increasing demand from brokers for larger loan sizes, so this is a positive move in response to that.
“We will continue to identify ways to expand our product proposition to the market and provide our brokers and customers with greater choice.”
Principality has also recently introduced an extended offer period for new-build properties to 6 months initially plus a further 6 months (subject to status).
Emma said: “We have taken this step because with new-build applications often borrowers want certainty, so the sooner in the process they can arrange their mortgage, the better.”
The Principality’s business development managers have direct access to underwriters which makes working with brokers more effective and efficient.