Principality Remortgage

A Principality remortgage delivers competitive packages to homeowners in Wales and the Borders. Its comprehensive home finance service supplies a KeyFacts illustration with every product – so you’ll know exactly how much you’ll be paying over the term of the loan. A range of attractive discounts includes Fee Saver remortgages, which waive valuation and solicitors’ fees.

Principality Review

Principality Building Society is a significant player in the Welsh economy, with 420,000 members and 51 branches across Wales and the Borders. It is currently the 12th largest building society in the UK, holding assets of £4 billion.

In 1986 Principality Building Society acquired Peter Alan & Parkhurst, one of the largest Wales-based estate agents. The Society received a Bilingual Business / Busnes Dwyieithog commendation in the 2006 Western Mail Business Awards.

Switching to a Principality remortgage could help you to:

• Enjoy a more flexible deal, with the option to shorten the term of the mortgage by making penalty-free overpayments
• Draw down on any overspend to take extended payment holidays
• Free up equity in your home for renovations, school fees or overseas travel
• Consolidate debts from personal loans and store cards

What is a remortgage?

A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:

• Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
• Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.