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2 May 2018

Principality creates products to help people get on property ladder

Principality Building Society is to launch mortgage products to help more first time buyers in Wales.

Wales’ largest building society is committed to helping the Welsh Government’s Rent-to-Own Wales scheme launched earlier this year. Rent-to-Own Wales assists those people who want to buy a home but cannot quite afford the purchase of 100% of the home at the full market value.

Principality has a long-standing association in helping the affordable housing agenda in Wales, with its Commercial team, having played a significant role by funding £50m of loans for housing associations in the past year.

Julie-Ann Haines, Chief Customer Officer at Principality Building Society said: “We have a strong working partnership with the Welsh Government and have worked hard to ensure that government widened its support to offer a consistent ownership approach in Wales. I am delighted that we are launching mortgage products tailored to help the Rent-to-Own Wales scheme around the shared ownership element.

“Last year we helped more people to own their own homes than ever before. We are committed to helping people in our communities into more affordable housing across Wales.

“We hope that these products will help to support wide range of borrowers including first-time and next-time buyers to own their home. This goal is one that is very close to our own hearts, helping people to prosper throughout their lives.”

Published: 02/05/2018