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Mortgage support

You can make overpayments on any Principality mortgage. Overpaying can help reduce your overall mortgage balance and the amount of interest you will pay over time. That’s because making an overpayment changes the total amount you owe. So it changes the amount of interest your mortgage accumulates. When you make an overpayment, we will recalculate these figures immediately. 

 

You can repay up to an additional 10% of your outstanding mortgage balance each year. The amount you can overpay will be 10% of either: 

  • The total amount you still owed on January 1st of the current year. 
  • The total amount you owed on the date your mortgage began (if you took out your mortgage after January 1st this year).

Your monthly mortgage payments will remain the same (unless you ask us to change them). 

If you are in the early repayment charges period of your mortgage agreement, any payments you make above this 10% limit will be subject to an Early Repayment Charge. The amount can be found in the “Early repayment” section of your mortgage offer. 
 
You can overpay on multiple mortgages if you have more than one mortgage with us. Our overpayment rules apply to each mortgage individually. 

You can make a mortgage repayment online through a bank transfer. Unless you have more than one mortgage account with us. If you have multiple Principality mortgages please call us to make a payment instead.  

 

To make an online mortgage payment please use these details: 

Account Number: 90653535 
Sort Code: 20-18-23 
Reference: Your Mortgage Account Number (excluding the dashes) 

 

Who are you paying? Some banks ask if the account you are sending your money to is personal or business. To make a mortgage repayment, please choose ‘business’. 
 
Name of payee:  Please use the registered name on our account: Principality Building Society.  
 
Recipient bank:  As a building society we use Barclays bank as our bank account provider. So don’t worry if you see Barclays bank appear as the recipient bank when making a mortgage repayment. 

The cost of surveys and valuation fees depends on the purchase price of your property. Download our Survey and Valuation fees to see a breakdown of our fees. 

There are three different ways to repay your mortgage. 
 

  • Repayment: Your monthly payments are made up partly of capital (the sum you’ve borrowed) and partly of interest (the monthly interest on the sum you’ve borrowed). Provided all payments are made on time, the loan is repaid at the end of the mortgage term. 
     
  • Interest only: Your monthly payments contribute to paying off only the monthly interest on the sum you’ve borrowed. This means you won’t be paying off the ‘capital’ (the sum you’ve borrowed) during the term of your mortgage, so at the end of the mortgage term the amount you initially borrowed will still be owed in full. As a borrower you take full responsibility for ensuring that the loan is repaid at the end of the term. This is often achieved by having some sort of investment that, when mature, pays off the initial amount you borrowed. 
     
  • Repayment/Interest only split: A mix of the above two mortgage payment types; part of your mortgage would be on a repayment basis and part of your mortgage would be on an interest only basis. 

Standard Variable Rate (SVR) is the interest rate a mortgage lender applies to their standard mortgage. The SVR is our normal interest rate without any discounts or deals. It can go up, for the reasons stated in our terms and conditions, or down at our discretion. 
 
Any changes will usually (but not always) be due to changes in the Bank of England Bank Rate. (You’ll also hear it called the base rate). Principality's SVR is currently 7.43%. 

If your mortgage deal ends and you don't choose a new deal, you'll move onto our Standard Variable Rate (SVR) or discounted SVR (also referred to as stepped reversion rate).  

At the end of your discounted SVR term you will then move to our SVR. Variable rates can change, so your payments may rise or fall in the future. 

For more information, see the section on base rate and SVR below. 

There are a few ways you can arrange to make an overpayment: 

  • Set up a standing order.
  • Make a payment over the phone.
  • By cash or cheque at any of our branches.
  • Post a cheque to us.
  • Online bank transfer. 

If you make an overpayment directly from your bank, use these details: 
 

Account Number: 90653535 
Sort Code: 20-18-23 
Reference: Your unique Principality mortgage account number 

Your mortgage statement

When you receive a mortgage statement depends on the type of mortgage you have.  

  • If your interest is charged daily, we’ll send you a statement each year on the anniversary of your completion date.  
  • If your interest is charged annually, we’ll send you a statement each January.  
  • If you have a flexible mortgage, we’ll send you a statement every six months.   

Mortgage redemption statements

If you’re remortgaging, or want to pay your mortgage off in full, you may need a redemption statement. It’s a document which tells you how much you have left to pay on your mortgage, including any interest due and any fees. You can request a redemption statement in a few ways: 

You may need a certificate of mortgage interest (MIRAS 5) for tax purposes. It gives details of the interest charged to your mortgage account during the previous tax year. Please note that we cannot produce a certificate of mortgage interest for tax paid until the relevant tax year has ended.  
 
Call us on 0330 333 4000 if you need a certificate of mortgage interest. 

You may want to sell part of your land, or property on land you own. When you do this, a portion of the property that forms part of our security on the mortgage is released. This is known as a release of part security. It is often handled on your behalf by a solicitor. This process may involve having the property valued again. 
 
Call us on 0330 333 4002 to discuss a release of part security.  

Savings support

If you have an online only savings account with Principality, we’ll ask you to set up a linked account. A linked account is an account with another bank or building society that we’ve verified belongs to you. 

 

This helps us protect you from fraud when you transfer money out of your Principality savings account electronically.  

 

You can change your linked account by: 

  • Logging into your online profile and sending a secure message. 
  • Calling us on 0330 333 4000.

Depending on the ISA you open, there may be a limit on how many withdrawals you can make. Make sure you check the account terms to understand whether your ISA has any withdrawal limits. For example, you can’t withdraw money from a fixed rate ISA. You can close the ISA or transfer the balance to a different ISA; but you may lose out on interest. 
 
Withdrawing funds from an ISA could mean you lose out on interest you could have earned if your money was in the account. It can also impact your tax advantages.   
 
With a flexible ISA you can withdraw money and replace it before the end of the same tax year, without it affecting your annual ISA allowance.  

If you want to:

We recommend you read our Privacy Policy before sending any personal information.  

Each tax year (from April 6 until April 5 the next year) you have an annual tax-free ISA allowance. Tax-free means the interest you earn isn’t subject to UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and could change in the future.  
 
The ISA allowance for the 2024/25 tax year is £20,000. The amount is reviewed by the Government each year and could change in the future.  
 
Your annual ISA allowance can be split across the four different types of ISAs: cash ISAs, stocks & shares ISAs, lifetime ISAs, and innovative finance ISAs.  At Principality you can only pay into one cash ISA each tax year.  
 
Different cash ISAs have different terms. Some allow you to pay in the full amount of your annual cash ISA allowance as a lump sum. With others you can pay in smaller amounts over time. 

Some of our savings accounts have withdrawal limits, or do not allow withdrawals until the account has matured. Check your account terms first.  If you have an online only savings account, you won’t be able to make a withdrawal in branch.  

 

If your account terms allow immediate access to your funds, here’s how you can make a withdrawal: 

Cash: Visit one of our branches. Our daily cash withdrawal limit is £500 per customer. If you’d like to withdraw more than £500 in cash, please contact the branch 2 business days in advance. For withdrawals of over £2,000, we’ll ask for a form of ID. For a full list of ID documents we can accept, download our leaflet about how we use your information. 

 

Cheque: You can make a cheque withdrawal from a branch or agency of up to £85,000. If you’d like to withdraw more than £85,000 as a cheque, please contact the branch you plan to attend to let us know at least 5 business days in advance.  You can also request a cheque by calling us on 0330 333 4000, writing to us, or sending us a secure message from your online profile. These requests can take up to 5 business days to complete. 

 

Faster Payment: We can make faster payments to another account in your name. If you request a faster payment by 3:30pm you’ll receive the funds the same day. If you make your request after 3:30pm, you’ll receive the funds the next business day. 

 

We will need proof that the receiving account belongs to you. We do this to protect you from fraud, especially if you haven’t transferred funds to this account before. This proof could be a bank card or bank statement showing the account holder’s name, sort code and account number. The maximum you can transfer using faster payment is £120,000. 

 

If you have an online only account, you can make a withdrawal of £20,000 to your linked account in one transaction, up to a maximum of £100,000 per day. 

 

Telegraphic Transfer: We can arrange telegraphic transfers to another account in your name. There is a charge for making a telegraphic transfer. Find more information about our fees in our Savings Tariff of Charges leaflet. If you request a telegraphic transfer before 3:30pm, you’ll receive the funds on the same day. If you make your request after 3:30pm, you’ll receive the funds the next business day. 

You can update your contact details online, if you have set up an online profile. Select ‘View personal details’ from the ‘Your details’ menu and follow the instructions. If you've been a Principality customer for less than 3 months, you may also need to send us one form of address identification. 

 

If you don’t have an online profile, you can visit a branch or give us a call on 0330 333 4000.  

 

To update your name, you can either write to us using the address below or  visit your local branch or agency.  We’ll need to see the original change of name document. This could be your: 

  • Marriage Certificate 
  • Decree Absolute 
  • Change of Name Deed (Deed Poll) 

If you’re coming into a branch, please also bring your passbook. 

 

Write to us: Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA.

Additional Permitted Subscriptions (APS) allows you to inherit an ISA allowance left behind by your spouse or civil partner.    

 

APS refers specifically to inheriting the ISA allowance; not the funds in the ISA.   

  

The APS allowance is available to you within 3 years of the death of your spouse or partner, or 180 days after the administration of the estate is complete – whichever is later.  

 

Talk to us about inheriting an ISA allowance by calling 0330 333 4000.  

We have a responsibility to verify your identity when you are opening a savings account. Like all other UK banks and building societies, we must do everything we can to help prevent financial crime and money laundering. 

Your statement shows the interest you’ve earned for the year, as well as your ‘move money in’ and ‘move money out’ transactions. If you find anything on your statement which you believe is incorrect please let us know immediately. Please send your statement to our Customer Service Department at Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA, highlighting the queries.

Please read the following information with your statement. 

Summary Rate Guide and Statement Explanatory Notes

FSCS Information Sheet and Exclusion List

To get a tax certificate for your savings account, either 

You'll need to tell us which savings account and the year you need the tax certificate for. 

Extra help

Worrying about your finances can leave you feeling isolated. But you’re not alone. There are a number of organisations you can seek free and independent advice from. 

If you need urgent help, please call the Samaritans on 116 123.  

 

Other useful organisations:

Where possible, we can send messages in your preferred format. Let us know if you’d prefer:  

  • braille  
  • large print  
  • audio  

Let us know how you’d like us to contact you. 

 

If you might struggle to hear or understand us when we speak with you, we’ll make an extra effort to speak slowly, loudly, and clearly. 

We’ll always do our best to use simple language to explain complex concepts too. 

Let us know how you’d like us to communicate with you. 
 

You might need someone to manage your finances on your behalf. This could be either permanently, or for a short time. 

Some of the reasons people choose to use Power of Attorney are: 

  • illness 
  • disability  
  • living abroad 

If a Power of Attorney is applied to an account you hold with us, the person looking after your finances will need to speak with us on the phone or in branch to manage your affairs. For security purposes they won't be able to look after your finances online. 

Financial abuse can take many forms. And it can happen to anyone, regardless of your age, gender, ethnicity, class, religion, or disability.   

Financial abuse can look like: 

  • Stopping you from working or getting to your job. 
  • Making you hand over control of your bank accounts. 
  • Making you explain what you’ve spent your money on. 
  • Stopping you buying essentials. 
  • Taking out credit cards or loans in your name. 
  • Spending your household budget on other things without telling you. 
  • Withdrawing money from your account without your knowledge or permission. 

If you think someone you know is a victim of financial abuse, they might need some support from you to ask for help. You can show them the UK Finance ‘It’s your money’ leaflet and encourage them to contact us, their bank or building society, or one of the organisations listed at the back of the leaflet. 

If you find it difficult to hear, we can help.  We have hearing loops in all our branches, and other ways to help: 

  • We can use text relay: This translates text into speech, and speech into text.
  • We can speak more slowly and clearly: To help you if you lip read.
  • We can talk to another person about your account: You can nominate someone to speak to us about your account on your behalf. 
  • We can make appointments longer: We can adjust the length of your appointment, so there’s more time to talk.
  • We can read information aloud: We’ll read forms and documents out to you, if you ask.  

Either tell your local branch about your needs or contact us to let us know.  
 
You can also look to organisations like these for help and support: 

We're here to help if you're experiencing bereavement.

Additional Permitted Subscriptions (APS) allows you to inherit an ISA allowance left behind by your spouse or civil partner.    

APS refers specifically to inheriting the ISA allowance; not the funds in the ISA account.   

The APS allowance is available to you within 3 years of the death or your spouse or partner, or 180 days after the administration of the estate is complete – whichever is later.  Talk to us about inheriting an ISA allowance by calling 0330 333 4000.  

What happens if you need to manage someone else’s finances, but they don’t have the mental capacity to consent? In these cases you’ll need a court order to grant you the authority to manage their affairs.  

 

You’ll need to apply through the Court of Protection (COP) to become a ‘deputy’. You can find more information at www.gov.uk/become-deputy. 

 

If a donor no longer needs or wants an attorney to act on their behalf, Power of Attorney can be removed. This can only be done while the donor still has mental capacity. 

To remove Power of Attorney, you’ll need to follow the steps on the Government website. Once Power of Attorney has been removed, please let us know so that we can update the donor’s account.  

Online profile support

A linked account is an account with another bank or building society that we’ve verified belongs to you. This helps us protect you from fraud when you transfer money out of your Principality savings account electronically. 

If you have an online only savings account with Principality you can change your linked account by: 

 

Here's what to do if you've forgotten your user ID and password:

Step 1: Request a user ID reminder. We'll email it to you straight away. 
Step 2: Reset your password. (You'll need your answers to the security questions you set when you registered your online profile).

If you’ve changed your mobile number: We need an up-to-date mobile number to text you a unique passcode each time you log in. If you need to update the phone number associated with your account give us a call on 0330 333 4000 and we’ll update your details.
 

If you're still having trouble logging in, or you're getting a notification saying you're 'locked out', please call us on 0330 333 4000.

Managing your savings online is easy.  You'll need to create and activate an online profile. 
 
Step 1: Creating your online profile  

We’ll ask you for: Your Principality account number, your mobile phone number, and your email address. For security reasons, your email and mobile phone number must be used only by you. If you’re a new customer opening an account online for the first time, you’ll do this step as part of your application. 

  • Get started online by filling in a few personal details and setting your password. 
  • We’ll email you a copy of your user ID straight away. 
  • We’ll also send you an activation code in the post; it should arrive within 3-5 days. 

Step 2: Activating your online profile  

You’ll receive your activation code in the post. You’ll only need to use it once. Here’s what to do:

  • Log in using your user ID and password. 
  • You’ll be asked to enter a passcode, which we’ll send to you as a text. 
  • After you’ve entered your passcode click ‘Enter Activation Code’ on your dashboard.  
  • Enter the activation code from your letter. Your online profile will be activated.  

Once you create an online profile, you need to wait a few days to activate it. Here’s what to expect. 

We will send you an activation code in the post. It should arrive within 3-5 days. Once you’ve received it, here’s what to do:

  • Log in using your user ID (you’ll find this in the email we sent you when you registered) and the password you chose when you registered for an online profile.
  • You’ll be asked to enter a passcode, which we’ll send to you as a text.
  • After you’ve entered your passcode click ‘Enter Activation Code’ on your dashboard.
  • Enter the activation code from your letter. Your online profile will be activated. 

We take your online security seriously. Just like all other UK banks and building societies, we carry out extra security checks to help keep you safe when managing your finances online.  We help keep your information safe in a few ways: 

 

By making sure you have a strong password. Your password should have 10 or more characters, including capital letters, symbols and numbers. 

 

By asking for a mobile number that’s used only by you. We ask you to link a personal mobile number to your online profile so we can carry out a security check each time you log in. That’s why it’s important the mobile phone number you use to register is yours alone, and not shared with anyone else. 

 

By asking security questions. If you forget your password you’ll need to answer three security questions to reset it. 

 

By sending you an activation code in the post. This helps us verify that it’s you living in the address you’ve provided to us.  

Privacy, security, and fraud

If you believe you have been affected by an APP scam, please follow these steps:
Contact us immediately
Call our customer service team on 0330 333 4000 to report the scam as soon as you suspect you’ve been scammed.
Please note we’re open: Monday to Friday: 9:30am - 5pm Saturday: 9am - 1pm


Provide details
You'll need to share key information about the transaction, such as the amount, date, and recipient's details. We may also request additional information if needed.


Know your rights 
You have the right to request reimbursement for fraudulent payments made via Faster Payment or CHAPS. You must report the scam immediately and within 13 months from the last payment.

 

When can I expect to receive reimbursement?
If you’re eligible for reimbursement, you’ll usually receive it within five business days of your request. We may need a bit more time (up to 35 days) if we’re waiting for additional information. 

In some cases, you may need to pay an excess of up to £100, which we’ll look at on a case-by-case basis.


What if I'm unhappy with the outcome of my claim?
If you are unhappy with the outcome of your claim you can contact the The Financial Ombudsman Service.
•    Postal address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR 
•    Telephone number: 0300 123 9 123
•    Switchboard: 020 7964 1000 
•    From outside the UK: +442079640500

You must refer your complaint to the Financial Ombudsman within 6 months of receiving your outcome letter.
 
You can also view our latest complaints report.

More information on Authorised Push Payments.

We take your privacy seriously. We’ll protect your privacy and make sure we keep any personal information you provide secure. Read about how in our privacy policy. 

We take your online security seriously. Just like all other UK banks and building societies, we carry out extra security checks to help keep you safe when managing your finances online.  We help keep your information safe in a few ways: 

 

By making sure you have a strong password. Your password should have 10 or more characters, including capital letters, symbols and numbers. 

 

By asking for a mobile number that’s used only by you. We ask you to link a personal mobile number to your online profile so we can carry out a security check each time you log in. That’s why it’s important the mobile phone number you use to register is yours alone, and not shared with anyone else.

 

By asking security questions. If you forget your password you’ll need to answer three security questions to reset it. 

 

By sending you an activation code in the post. This helps us verify that it’s you living in the address you’ve provided to us.  

Please let us know if your passbook is lost or stolen by filling out the lost passbook declaration or stolen passbook declaration. Drop your completed form off at your local branch or post it to:  
Savings Department, Principality Building Society, Principality House, The Friary, Cardiff, CF10 3FA.  

 

If you’re worried you have been a victim of fraud, or have a concern about any transactions on your account please call us as soon as possible on 0330 333 4000. 

Let’s fight fraud together. We do everything we can to protect you from fraudsters and keep your money safe. 

You can find the details about how we keep your information safe in our online security policy. 

We also have lots of tips so you can protect yourself from fraud and report any unusual activity. 

 

How we work

We have branches throughout Wales and the borders. Find your local branch.  

We welcome your feedback and are committed to resolving any concerns our members may have. If you’re unhappy with any products or services we provide, we’ll always make every effort to resolve your issue at the point you raise it.

If we are able to resolve your complaint to your satisfaction within 3 working days following the date you raised your concerns, we will send you a Summary Resolution Letter.

If we are unable to resolve the matter within this timeframe, we'll send you a letter formally acknowledging your complaint within 10 days of you contacting us.

We aim to resolve complaints as quickly as possible. If your complaint is still open after 4 weeks, we’ll send you an update. If it’s still unresolved after 8 weeks, we’ll provide another update.

Our Complaints Department might try to call you, but you'll always get a final response in writing or by email. This will explain our decision and why we reached it.

Each letter will include an email and phone number so you can contact us if needed.

Our privacy policy explains how we collect and use your information.  

Our head office is located in Cardiff city centre. Our address is Principality Building Society, Principality House, The Friary, Cardiff, CF10 3FA.

We always aim to provide an excellent standard of service. However, we recognise that on occasion things may go wrong. Our complaints procedure is here to help you achieve a speedy and satisfactory resolution. You can make a complaint: 

Our privacy policy explains how we collect and use your information.  

If you make a complaint about a payment service (like a telegraphic transfer or online payment), we'll write to you with an update after 3 weeks if your complaint is still open. We’ll write again with a final decision on your complaint within 7 weeks. 

 

Our privacy policy explains how we collect and use your information.  

We care about your financial future. As a mutual building society, we’re owned by and run for you; our members. 
 
We’re committed to maintaining high standards of honesty and openness. Visit our corporate governance pages for information on the rules and guidelines we follow to operate as a responsible business. 

Principality members can take an active role in our Society’s future by voting and attending our Annual General Meeting (AGM). At the meeting you’ll hear from us about the Society’s performance and have a chance to ask the Board and Senior Team any questions. We also publish the results of any voting.  

There are a range of ways to get in touch with us. Visit our contact page to choose the best way for you. 

If you aren’t satisfied with our final response to a complaint, you may be able to refer the matter to the Financial Ombudsman Service for review. If this is the case, we'll inform you in writing.  
 
You can refer a complaint to the Financial Ombudsman. You must do this within 6 months of our final response. 

 

Postal address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR 
Telephone number: 0300 123 9 123

Switchboard: 020 7964 1000 

From outside the UK: +442079640500

 

You can also view our latest complaints report.