Principality BS Building Society
Principality is a building society based in Cardiff. It is the largest society in Wales and the seventh largest in the United Kingdom. Current assets are approximately £6 billion. Principality has a very loyal client base and the society has come through the recent world-wide financial crisis relatively unscathed.
The society keeps up to date with and takes full advantage of modern technology. It operates through 51 branches in Wales and Western England, through the internet and through telephone banking. The society has steadily expanded over the years. It owns a personal loans company as well as a chain of estate agency offices. It was recently awarded a prestigious accolade as the best financial institution in Wales and the West.
Principality has very competitive rates for good quality mortgage applicants. They have a very wide range of mortgage packages available, including buy-to-let loans. This includes special first time buyer arrangements, variable rate and fixed rate mortgages. They also offer loans where the rate tracks the Bank of England base rate. Loans are advanced for new purchases, people moving home, re-mortgages and house extensions. Where Principality are somewhat different from other lenders is that they are willing to allow existing customers to re-mortgage with themselves. In the current uncertain times this is a major bonus point as much hassle and expense is saved to the borrowers.
Principality tends to be very competitive with fees and many arrangements carry no fees at all. This is exceptional for fixed rate mortgages and the fees can usually be included in the amount advanced. Whilst the society is not small, they have maintained the personal touch usually associated with the smaller lenders. Lending managers are very approachable and try to help as much as they can to get loans approved quickly and easily.
The society is happy to deal with potential customers either directly or through a mortgage broker or other intermediary such a firm of solicitors qualified to give mortgage advice. Principality has an insurance arm and can arrange home and contents insurance if the client so wishes. They can also arrange life assurance. Their financial services arm can give other financial planning advice other than just simply savings accounts including pensions and Inheritance Tax planning. The society can help senior citizens who fully own their home with an equity release scheme and are fully qualified to give advice in this difficult area.
Principality are very customer orientated. They are as helpful as they can be and this probably explains why they have such a loyal customer base.