Supporting you through coronavirus

On this page, you’ll find information to help our Savings and Mortgage Members, 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.

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.

Help with your Mortgage

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.

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.

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?

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. 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?

In line with the UK Finance guidelines, our standard process is to extend offers for a maximum of 1 month on request. 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.

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.

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. 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 may be an option available to you without loss of interest. Please contact us to discuss your options.

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

As a building society we use Barclays Bank as our bank account provider, so don’t worry if you see Barclays appearing as the recipient bank when putting money into your Principality savings account.

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

  • Name/Payee: Principality Building Society
  • 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

Following the recent announcements, branches and agencies are now providing a normal service, including appointments 

Our branch general opening times are as follows:

  • Monday – Friday: 9.30am – 4.30pm
  • Saturday: 9.00am - 12.00pm

There are exceptions to these opening times, please check our Branch Finder page for further information for the branch you wish to visit.

We ask all customers visiting our branches or agencies to follow government guidance regarding COVID-19.

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.

Keeping up to date

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.

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’re working hard to make sure we’re here to help you however the situation develops.

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. Where home matters.