Eich cefnogi chi drwy’r coronafeirws

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 our 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 March 31st the Mortgage Payment Holiday scheme ended, although payment holidays or extensions arranged before 31st March will remain in place for the duration of the agreed term.

However, if you need ongoing support with your mortgage, please complete our Budget Planner and we will call you within five working days to discuss your options with you, based on your individual needs.

For more information on how we’re supporting our Members through COVID-19, please see our Frequently Asked Questions below.

In our branches:

Following the recent announcements, branches and agencies are now providing a normal service, including appointments from Monday 22nd March.

There are no changes to opening hours for any of our branches in Wales or England. 

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 March 31st the Mortgage Payment Holiday scheme ended, although payment holidays or extensions arranged before 31st March will remain in place for the duration of the agreed term.

However, 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 reference 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 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.

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. Please take a look at our page, Difficulty paying your mortgage, which includes links to organisations who can provide independent financial and housing advice.

Please refer to our Frequently Asked Questions below for more information.

Mortgages FAQs

I’m directly affected by COVID-19 and will require support with my payments. What options are available?

On March 31st the Mortgage Payment Holiday scheme ended, although payment holidays or extensions arranged before 31st March will remain in place for the duration of the agreed term.

However if you need ongoing support with your mortgage payments please complete our Budget Planner online to ensure we can put the most appropriate solution in place for your individual needs. We can offer a range of support options including a mortgage payment deferral or temporarily switching to interest-only payments for an agreed length of time. If you need immediate assistance and your payment is due within the next 5 days, please call us on 0330 333 4020.

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 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 transfers, providing they are not in arrears and meet our usual product transfer criteria.

Will my home be repossessed if I am struggling after the end of my mortgage payment holiday?

As a mutual, Member-owned organisation we want to help people stay in their homes for as long as possible and will do everything we can to help Members and customers who are facing financial difficulty. We understand this is a challenging time and there is likely to be great uncertainty for some of our Members who have taken a mortgage payment holiday now that the scheme has ended.

We want our Members to feel secure and will encourage them to be open with us in discussing their concerns and difficulties, so we can help them and tailor options according to their individual needs.

I have submitted my Budget Planner online. What happens next?

Thank you for completing your Budget Planner. You will receive an email from us to acknowledge that we have received your submission. A member of the team will be in touch within five days to discuss your options with you. Please note, the email is not confirmation that your support has been put in place yet. If you need immediate assistance or your current payment is due within the next 5 days, please call us on 0330 333 4020.

Is ongoing support reported in my Credit Score?

Yes. Unlike Mortgage Payment Holidays, any ongoing support maybe reported to credit reference agencies, and can adversely affect your credit rating, which may affect your ability to obtain credit in the future. We are required to do this to give other lenders an accurate picture of your financial circumstances.

I have an existing Mortgage Payment Holiday in place with you that ends after March 31st. What will happen next?

You will receive a letter from us at least ten working days before your Mortgage Payment Holiday is due to end. This will outline your new monthly payments, including interest. If we don’t hear from you, your repayments will begin as outlined in your letter. Please just ensure that your payment method is set up in advance.

If you require ongoing support and have not taken the maximum of six months payment holiday, you may be able to request an extension but all payment holidays must end by 31st July 2021. Details of how to do this will be in your letter.

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.

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: Following the recent announcements, branches and agencies are now providing a normal service, including appointments from Monday 22nd March.

There are no changes to opening hours for any of our branches in Wales or England. 

There are no changes to opening hours for any of our branches in Wales or England. 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. 

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

In our branches:

Branches and agencies are now offering appointments from Monday 22nd March.

Alternatively, 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.

 

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, Llandeilo and Hereford 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 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 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 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.