Supporting you through coronavirus

Service update 

On 22nd May, the UK Government announced proposed changes to the existing Mortgage Payment Holiday scheme.

 

We continue to do all we can to support our Members affected by coronavirus and are working hard to understand and implement these proposed changes in accordance with the latest government guidance and regulatory timeframes. This page will be updated once further information is available. In the meantime, if you have your mortgage information available (interest rate, monthly cost and outstanding balance), you can work out what your approximate new monthly cost will be with with our calculator.

Due to the impact of coronavirus, we will be changing our branch and contact centre opening hours. View our current opening times

If you have a question about your savings or your mortgage and need to speak to us, please read our Frequently Asked Questions under the Mortgages updates and Saving updates tabs below before you call.

Last updated 11:20am 22/05/2020

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.

Click the green button to apply for a mortgage payment holiday.

Click the green button to find out how much a mortgage payment holiday could cost.

Mortgages updates

The UK Government announced that mortgage lenders will support customers who are experiencing issues with their finances as a result of COVID-19. If you’re worried about what this might mean for your mortgage payments, we can explore a range of options, including up to a three month mortgage holiday. Submit your request with our mortgage payment holiday form.

Buy-to-let borrowers will also be eligible for a payment holiday of up to three 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.

If you’re worried about how your mortgage payments may be affected by COVID-19 in the future, please refer to our Frequently Asked Questions below for more information.        

Mortgages FAQs

I’m directly affected by coronavirus and I may have issues paying my next mortgage payment?

We have a range of options that may be available to you, these include:

  • Mortgage payment holidays
  • Accessing funds in fixed bonds / withdrawal limited accounts 
  • Exploring alternative options with you 

For those customers who are already in arrears, some options may not be available to you however please call us if your situation has changed since you last engaged with our support teams. 

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.

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’re automatically extending mortgage offers for 3 months in line with the Government guidance so there is no need to call to extend the offer. When a new completion date is known, please contact us and we will review the file.

Mortgage Payment Holiday FAQs

What is a payment holiday?

With a payment holiday you will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months.

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. We’ll agree a way to do this with you, see our form here for more information.

I’ve submitted a mortgage holiday form – what happens now?

We are currently aiming to process mortgage 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.

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

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 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 the new amount. You'll hear from us two to three weeks before your payments need to begin.  If you have a live 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.

Can I have a 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. If you are worried about your mortgage payments, you can visit the Principality customer website to find out the latest information and complete our 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.

Valuation FAQs

What’s happening with my valuation?

Following government guidelines, physical valuations have been put on hold. As a result, we will complete desktop valuations where possible. Unfortunately, for the time being, we will be unable to lend on the following properties as they are not considered suitable for a desktop valuation (please be aware this list is not exhaustive):

  • Shared Equity/Shared Ownership
  • Help-to-Buy Properties with no online visibility or property attributes
  • Postcodes outside the UK mainland
  • Property values in excess of £1m outside the M25 or in excess of £1.5m inside M25 (prime central London properties will be dealt with on a case by case basis)
  • New build properties (built in last 24 months)
  • Buy-to-Let properties with four or more bedrooms
  • Studio flats Significant land (2+ acres)
  • Listed buildings 

If your application is affected by one of the above points or you require an upgraded level of valuation (Homebuyer Survey or Building Survey), these will be put on hold until physical valuations can be resumed. 

 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.

Savings updates

Members worried about accessing their savings due to 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

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. 

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.

Branch updates

At the moment, the branches that are open are on reduced operating hours. We will remain open:

  • Monday - Friday between 9:30am - 1:30pm
  • Llandeilo branch is operating slightly different hours, 10am - 1:30pm

The contact centre is also on a reduced schedule:

  • 9am - 5pm weekdays
  • 9am-1pm on Saturdays

For more information see service updates

Please note that on Friday 10th April and Monday 13th April, our branches will be closed for the bank holidays. 

We are working hard to support our Members through coronavirus by maintaining branch access for essential activities only, balancing the needs of our Members with the safety and welfare of our branch colleagues.

The Government has been clear that the single most important action we can all take is to stay at home to protect the NHS and save lives. We, therefore, kindly ask Members to only visit our branches where absolutely necessary, such as for:

  • Cash withdrawals for food, bills and rent
  • Registering a bereavement
  • Paying in cheques needed to fund essential transactions

Recommended precautions, such as social distancing, to minimise the spread of coronavirus have been introduced in branches and we ask that customers respect these.

We offer many of our services by phone. 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 any disruption is kept to a minimum. Find your local branch.

Branch FAQs

What can I do at branches?

We kindly ask Members to only visit our branches where absolutely necessary, such as for:

• Cash withdrawals for food, bills and rent
• Registering a bereavement
• Paying in cheques needed to fund essential transactions

We offer many of our services by phone. To avoid leaving your home, you can contact your local branch directly or call our contact centre on 0330 333 4000. 

Is my branch open?

We’ve made some updates to our branch opening hours - we will remain open Monday – Friday between 9.30am – 1.30pm.

To see if your local branch is open, please see our service update page

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 but in order for us to ensure we’re able to help our most vulnerable Members, please only call us if you require immediate assistance with your mortgage. 

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. Lle mae cartref yn bwysig.