Supporting you through coronavirus

We appreciate you might be concerned about the impact of coronavirus and want to reassure you that we’re here to help with any worries you might have about your savings and mortgages with us.

On this page, you’ll find information to help Savings and Mortgage customers, as well as the latest opening hours for our Branches. If you would prefer to talk to us online you can also use our online banking service, Your Account.

On 31st October, the FCA announced an extension to the existing Mortgage Payment Holiday scheme. If you need support, please use the buttons on this page to choose what you would like to do. If you have already taken the maximum duration of six months and need ongoing support, please use our Budget Planner so we can offer you tailored support. 

Opening Hours and Branch information

Branches - there will be no change to opening hours for any of our branches in England and Wales.

As per lockdown restrictions, Branches in England will be providing a counter service, available for deposits and withdrawals, only during the four-week lockdown, from Thursday 5th November. Branches in Wales are providing a normal service, including appointments.

Agencies - please check our branch finder for updates to some of our agency opening hours.

We ask all customers visiting our branches or agencies to wear protective masks on entering. Following a review of the government guidance, all Principality colleagues will wear a face covering when in the banking hall, any public area or behind a counter not protected by a Perspex screen. Social distancing will be in effect as normal.

 
Help with your Mortgage

On October 31st the FCA announced an extension to the Mortgage Payment Holiday scheme.

We understand this is a challenging time for our Members. If you are experiencing issues with your finances because of COVID-19 we can explore a range of options with you, including taking a payment holiday of up to six months.

  • If you want to apply for your first Mortgage Payment Holiday, or if you already have – or have had - a Mortgage Payment Holiday with us, and would like to request an extension up to the maximum total duration of six months, please use this form
  • If you have already taken the maximum duration of six months and need ongoing support, please visit our Budget Planner so we can offer you tailored support. 

Buy-to-let borrowers will also be eligible for a payment holiday of up to six months if their tenants have lost income due to the impact of coronavirus. In those circumstances, we would expect landlords to pass on the benefit of the payment holiday to their tenant.

Our priority remains the well-being of our Members and colleagues and we want to be as flexible as we can be in helping everyone through these challenging times. Please take a look at our page, Difficulty paying your mortgage, which includes links to organisations who can provide independent financial and housing advice.

You can also read our Frequently Asked Questions below, for more information. 

 

Mortgage Payment Holiday FAQs

What is a Mortgage Payment Holiday?

With a payment holiday, you will not have to make any monthly mortgage payments for a set amount of time. However, it’s important to remember that you still owe that money and the interest on your mortgage still accrues during a payment holiday.

At the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest charges incurred and make up the deferred payments. Apply for a Mortgage Payment Holiday.

Can I extend my current Mortgage Payment Holiday?

If you are currently on a Mortgage Payment Holiday and would like to apply for an extension, you don’t need to contact us yet. We will write to you outlining your options, including how to request an extension, ahead of your current payment holiday ending. If you have recently received a letter from us about your initial Mortgage Payment Holiday ending and would like to understand your options, or request a further extension, up to a maximum total duration of six months you can visit our updated page: Mortgage Payment Holiday Support.

I have submitted my request for a Mortgage Payment Holiday, what happens now?

We are currently aiming to process Mortgage Payment Holiday requests within five working days. We will provide confirmation via SMS or email when your application has been processed. If you pay by direct debit we will not collect anything from your whilst you are in the payment holiday. If we are unable to apply your payment holiday in time we will contact you via email to update you on the next course of action.

What is the difference between a Mortgage Payment Holiday and a Mortgage Payment Deferral?

“Mortgage Payment Holidays” and “Mortgage Payment Deferrals” are agreements with your lender that you do not have to make any mortgage payments for a set period of time - although it is important to remember that you will still owe that money and that the interest on your mortgage still accrues during this period.

We use the term “mortgage payment holiday” to refer to the initial periods up to a maximum total of 6 months to support customers affected by COVID-19 and which we are not required to report to Credit Reference Agencies.

We use the term “payment deferral” to refer to any further periods that we may agree with you after your mortgage payment holiday has ended.  We are required to report this further support to Credit Reference Agencies and it may adversely affect your credit rating. Please take a look at our page, Difficulty paying your mortgage, which includes links to organisations who can provide independent financial and housing advice

I have already taken six months payment holiday. What are my options?

We understand these are difficult times and so if you need ongoing support with your mortgage or are worried about your finances as a result of COVID-19, we can explore a range of options with you, including payment deferrals or temporarily switching to interest-only payments for an agreed period of time. Please be aware that further support may need to be reported to credit agencies and may adversely affect your credit rating.

To ensure we can offer you the right support, we need to understand your current financial situation and so we require all Members to complete a Budget Planner online first. It’s really important Members complete the Budget Planner as this will help us to assess your situation and tailor support to suit your needs.

Once you have completed your Budget Planner, it is emailed to us and a member of the team will be in contact with you within five working days to discuss your options, based on your individual needs.

 

I don’t think I will have any difficulty paying my next mortgage payment but I may do in the future, what are my options?

We do recognise that the effects of coronavirus are likely to continue for some time and the options available to our Members now will continue to be available as the situation progresses. Should your situation change, please fill in our mortgage payment holiday form or give us a call at least 7 working days ahead of your next scheduled payment. 

What happens when my mortgage holiday ends?

We will automatically recalculate your monthly payment and send you a letter to confirm your new monthly repayments, along with your options should you require ongoing support. You'll hear from us two to three weeks before your payments are due. If you have a direct debt in place, we will automatically collect this from your chosen bank account. If you don’t pay by direct debit or have cancelled your direct debit you will need to make other arrangements to make the payment. Please refer to your letter for more information.

Can I have a Mortgage Payment Holiday if I haven’t made my first monthly repayment?

Yes, if your income is affected by COVID-19, you will be able to take an immediate payment holiday on completion; however, we may need to reassess the affordability of your income. To request a Mortgage Payment Holiday, please use the Mortgage Payment Holiday form.

My mortgage product is maturing next month but I am on a payment holiday, what should I do?

You are able to complete a product transfer as normal providing you are not in arrears and meet our usual product transfer criteria.

I have received a letter saying SVR has changed and giving me a new monthly repayment but I applied for a payment holiday. What do I do?

This letter is to confirm the change we have made to the Standard Variable Rate and does not take into account a payment holiday request. If you have received confirmation that your payment holiday has been processed, no payment will be taken from its effective date.

Is it possible to cancel a mortgage holiday once it's been confirmed?

Yes – you just need to email us via secure message in Your Account or call us and we can action your request.

If I haven't heard back from you about my mortgage holiday but I've cancelled my payment, what happens?

If we haven’t actioned your payment holiday then the account could show a payment has been missed at the end of the calendar month. If you have not received confirmation from us 7 days after you made the request then to contact us so we can confirm it has been actioned.

Can I apply for a new rate during my payment holiday?

Yes, you are able to complete a product transfer as normal providing you are not in arrears and meet our usual product transfer criteria.

Mortgages FAQs

What happens if I am asked to reduce my hours or if I lose my job?

In this challenging time for the economy, we understand that the effects of coronavirus are wide ranging and not always directly health related. Once you understand the impact of the change to you and if this affects your ability to pay your mortgage, we recommend you contact us to discuss your options.

I need to make a mortgage repayment, can I do this without calling you?

Yes, as long as you’re signed up to online banking with the Bank or Building Society who provide the account you’d like to pay from. Simply make a payment from your account online to Principality Building Society, sort code 20 18 23 and account number 90653535, using your mortgage account number as your reference. 

Are mortgage offers being extended?

We will automatically extend any offers for 3 months for all cases due to expire on or before 31st October 2020 in line with the guidance from UK Finance. When you receive a new completion date, please contact us and we will review the file.

Any offers expiring from 1st November 2020 onward will revert to our standard process of extending offers for a maximum of 1 month on request, in line with the UK Finance guidelines. We can extend offers up to 3 months after this date if satisfactory supporting documentation is provided

 

How will you assess income for furloughed customers?

We will assess income for mortgage applications by only using the income that is currently being received by the applicant. We will also require written confirmation directly from the applicant’s employer confirming the date they will return to work, and whether their contractual arrangements will change.

Can furloughed customers continue to conduct product transfers without an affordability assessment?

Yes, if a furloughed customer whose current deal is coming to an end wants to transfer to a new product, they are able to proceed as normal. We will also allow customers in an agreed payment holiday to make a product transfer, providing they are not in arrears and meet our usual product transfer criteria.

Valuation FAQs

What’s happening with my valuation?

Following government guidelines, physical valuations have restarted. As a result, we will only complete physical valuations going forward.

What is a desktop valuation?

A desktop valuation generally refers to any valuation undertaken with limited or indirectly sourced information and where a full inspection of a property has not taken place. Essentially this means that, in qualifying circumstances, our experts are able to arrive at a reasonable opinion of value from their desk.

Buy To Let FAQs

As a Buy-to-Let customer, what options do I have?

Tenants may be facing difficult financial situations. Where there is a direct impact to their ability to pay their rent, we are able to offer payment holidays. This is designed to allow you to provide direct relief to the tenant and provide you both with some relief at this time.

Customers should be aware that any payment holiday may mean that the total paid over the life of the mortgage may be more than originally stated.

Help with your Savings

Members worried about accessing their savings due to the coronavirus pandemic can be assured that we will do all we can to help.

We can explore a range of options including emergency access to savings in fixed term accounts without consequence. Please refer to our Frequently Asked Questions below for more information.

Savings FAQs

Is my money safe in the current climate?

Despite the uncertain times we live in, we are proud to be a safe and secure home for our Members’ savings, and remain in a strong position to withstand any economic downturns, continuing to protect our Members’ interests.

This is due to our strong capital and liquidity base, supported by our low risk business model, allowing us to take a long term view when investing. This is crucial to the ongoing success of our business.

We are also part of the FSCS scheme, which protects your Savings - more details can be found on our page about the Financial Services Compensation Scheme.

We will continue to build our business, to provide strength and protection for our future.

What happens if I need access to my funds immediately?

In this challenging time for the economy, we understand that the effects of coronavirus are wide ranging and not always directly, health related. Should you need access to an account that usually has withdrawal penalties or fixed term bonds due to coronavirus, this will be an option available to you without consequence. 

How do I transfer money from my bank account to my Principality savings account?

When sending a payment from your bank to your principality savings account you will need to enter the following details:

  • Sort code – 20-18-23
  • Account number – 90653535
  • Reference – Please enter the printed Roll/Reference/Account number which is located at the top of the first page of your passbook. You should ONLY reference this number. This reference number is allocated to you, so we then know which account the funds are to be added to.

I’m not able to access the branch due to isolation or illness, how can I access cash?

We have a range of ways that we can help our Members who need to access their money quickly. Contact your local branch to discuss your options. In the meantime, if you are a Your Account online user and have an instant access account, you can request a transfer of money to your nominated account.

 

I need to pay into my regular saver account, can I do this online?

Yes, you don’t need to call or post anything to us to do this. 

If you’re trying to make a deposit from a Principality account and you’re registered for Your Account you can simply send us a secure message. To do this you will need to log into Your Account, select ‘messages’ and send us a new message, make sure you state which  account number you wish to move the funds from, together with the amount and the account number you are looking to move the funds to.  

If you’re trying to make a deposit from an account provided by a different bank or building society and you are registered for online banking then you can arrange a bank transfer directly from your bank account by using our bank details: Sort code: 20-18-23 Account no: 90653535 Reference number: This will be your unique 9 digit regular saver bond account number that was provided when you opened your account and must be quoted. These bank details will be the same if you wish to set up a standing order.

How much can I pay in per Calendar month?

It varies per account. Please take a look at the terms and conditions you were given when you opened your savings account to check this. 

I don’t have a printer at home so can't print off any downloadable documents, what can I do?

Please get in touch. You can call us on 0330 333 4000, email us at Enquiries@principality.co.uk, or send a secure message on Your Account and we will print the document off and send it to you. Please note, when transferring an ISA from another provider to us, the other financial institution will need to see a signed transfer document.

Can I pay a cheque into my account remotely?

No, unfortunately we don’t currently offer that functionality. 

If I am unable to transfer money into monthly savings accounts will I lose my rate of interest?

No, you will not lose your rate of interest if you do not deposit funds into your regular savings account for one or more months.

Visiting your local branch

Update: Branches in England will be providing a counter service, available for deposits and withdrawals only during the four-week lockdown, from Thursday 5th November. Our branches in Wales will continue to provide a counter service only until Monday 9th November.

There will be no change to opening hours for any of our branches in Wales or England. 

There have been some changes to our agency opening hours, please check our branch finder for updates. 

We ask all customers visiting our branches to wear protective masks on entering the branch. Following a review of the guidance all Principality colleagues will wear a face covering when in the banking hall, any public area or behind a counter not protected by a Perspex screen. Social distancing will be in effect as normal. 

You can find out more about guidance on face coverings on the government website.

Savings and Mortgage appointments

Branches in Wales are now able to offer appointments. 

Branches in England are currently unable to offer appointments until December 3rd. If you had an appointment booked in during lockdown, we will contact you to rearrange a suitable time. 

Don’t forget, we offer many of our services by phone and online. To avoid leaving your home, you can contact your local branch directly or call our Contact Centre on 0330 333 4000.

We will continue to monitor the situation closely and there have been circumstances where we have needed to temporarily reduce the number of colleagues available, or close branches. We aren’t taking this decision lightly, and will try to ensure and disruption is kept to a minimum. Find your local branch here.

Our Branch opening times as follows:

Monday – Friday

Morning opening - 9:30am-1:30pm

Closed – 1.30pm – 2pm

Afternoon Opening - 2pm – 4pm

Saturdays – Closed

The exception to these times are Fishguard and Llandeilo branch.

Keeping up to date

Keeping our Members and colleagues safe is our number priority and we will keep you updated with any changes on our website, on social media, and if we can, by email.

As we’ve been around for over 160 years, supporting our Members and colleagues is at the heart of everything we do. We’re working hard to make sure we’re here to help you however the situation develops.

Our Members’ savings are protected by the Financial Services Compensation Scheme (up to £85,000 for account or £170,000 for a joint account).
 
We appreciate you might be concerned about the impact of coronavirus and want to reassure you that we’re here to help with any worries you might have about your savings and mortgages with us. Our priority remains the wellbeing of our Members and colleagues and we want to be as flexible as we can be in helping everyone through these challenging times.

Customer help and support

Whatever the problem, we are here to help. If you find yourself having trouble managing your financial affairs, all issues will be resolved as quickly as possible and we are on hand throughout to help. Please don’t ignore the problem. See more here. 

Keeping you safe online

It’s very important that you, our Members, continue to stay safe online. Be aware that some criminals are exploiting coronavirus to trick people into sharing personal or financial information. Visit our page Keeping you safe online to find out more.

Principality. Where home matters.