9 December 2020

Principality thanks NHS heroes in Wales with exclusive mortgage and savings products

Wales’ largest building society has launched a range of mortgage and saving products to say thank you to NHS workers in Wales and the borders.

Available online or in branch, the Thank You regular saver accounts from Principality Building Society offer a variable interest rate of 1.65% gross/AER, allowing NHS workers to save up to £250 a month and withdraw money three times a year.

NHS employees living in Wales and the borders will also have access to Principality’s Thank You mortgages range, with either 2 or 5 year fixed rates. The Society has also increased the loan to income ratio from four and a half times’ a customer’s income to five, to support NHS workers in achieving their ideal home. 

NHS workers who already hold a mortgage with Principality in England and Wales are also eligible to switch to the new Thank You retention range.

Last month, Principality was named as a Which? Recommended Provider for Savings Accounts by consumer champion Which?, following a survey of members of the public.

Julie-Ann Haines, Chief Executive Officer at Principality Building Society said:
‘‘As a member-owned organisation, Principality’s ethos is to support the communities we live and operate in. This year we have all been made ever more so aware of the crucial role NHS workers play in our communities. The Thank You savings and mortgage products have been designed to acknowledge the key role played by NHS workers and to thank them for their ongoing support. Next year, we will also be launching products to thank other key workers supporting our communities. Diolch yn fawr.’’

To find out more, visit www.principality.co.uk/thankyou

Product Summary: 
- Rates correct as of 09/12/20
- The Thank You savings and mortgage range is available to customers employed directly by the NHS and residing in the following postcode areas: LL, SY, LD, SA, CF, NP, HR and CH 1 to 8. The Thank You mortgage retention products are available to existing Principality customers directly employed by the NHS in England and Wales.
- The Thank You Saver offers a variable interest rate of 1.65% gross/AER and allows up to 3 withdrawals per calendar year, with a maximum balance of £20,000.
- The Thank You mortgage range includes the 85% loan-to-value (LTV) product at 3.08% interest rate p.a until 31.5.26
- After 31.05.26, the rate changes to standard variable rate currently 4.4% p.a. The overall cost for comparison is 3.9%
- The Thank You retention range includes the 65% LTV product, which offers a1.40% interest rate p.a until 31/03/2023. After that, the rate changes to a standard variable rate currently at 4.4% p.a.
- Increased loan to income ratio is available on direct mortgage applications only

Published: 09/12/2020