Principality Building Society: Your Path to Homeownership Success
Principality Building Society has been a trusted mortgage provider across Wales and the UK since 1860. With over 160 years of experience, Principality is renowned for turning homeownership dreams into reality. As a mutual organisation, Principality is owned by its members, meaning they prioritise offering value and excellent service rather than focusing on profit.
Principality Building Society offers a range of mortgage products tailored to suit different needs, whether you’re a first-time buyer, moving home, or looking to remortgage. They are known for their competitive rates and flexible options, making it easier for a variety of borrowers, including contractors and self-employed individuals, to secure the financing they need. With a strong commitment to customer service, Principality aims to guide you through the mortgage process with clear advice and support, ensuring you find the right mortgage for your situation.
We work with more than 120 mortgage lenders, including:
Why Contractors Choose Principality Building Society
Principality Building Society is an excellent choice for contractors due to its deep understanding of the complexities of contractor income. They offer flexible lending criteria that consider various income structures, such as day rates and limited company accounts. With competitive mortgage rates and a personalised service approach, Principality ensures that contractors, whether new or experienced, receive tailored support throughout the mortgage process. Their experience in working with contractors leads to smoother approvals and a better overall experience, making them a standout option in the mortgage market for contractors seeking reliable and customised solutions.
Curious About How Much You Can Borrow?
Find out in seconds! Use our quick and easy mortgage calculators to see how much you could borrow based on your day rate. Keep in mind, this is just an estimate – for a free, personalised recommendation, contact us today!
We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
In today’s fluctuating housing market, understanding how much you can borrow is crucial. As a local mortgage broker in Watford, we provide expert advice to help you navigate this unpredictability. Whether you’re a first-time buyer in Watford, looking for a buy-to-let mortgage, or considering remortgaging in Watford, we ensure you secure the best possible deal.
Your Estimated Borrowing Amount
Essential Checklist for Securing a Principality Building Society Contractor Mortgage
If Principality Building Society seems like the right fit, we at Contractor Mortgage Solutions can assist you with your application. Here’s what you need to know:
Contract Requirements
Principality caters specifically to day rate contractors, requiring a minimum of 24 months of industry experience. Your current contract should have at least six months remaining. Principality calculates your contract day rate income over a 48-week timeframe and only accepts income in domestic currency.
Income and Currency
To qualify, your minimum annual income must be £50,000, which equates to a minimum contract day rate of £217.39. Only income in domestic currency is considered.
Documentation for Limited Company Contractors
You will need to provide contracts covering the past 12 months, with several contracts accepted. You’ll also need to submit your limited company accounts as part of the documentation.
Documentation For Umbrella Contractors
Umbrella contractors should prepare payslips, P60s, and relevant contracts from the past 12 months.
Documentation for Payee Contractors
3 months payslips
Contracts Gaps and Earnings
Principality prefers a continuous work history, so be prepared to explain any gaps in your contracts over the previous year. Providing valid reasons for these gaps can help smooth the application process.
By meeting these criteria, you can benefit from Principality’s quick processing times and secure the mortgage you need.
Partnering with Principality Building Society for Seamless Contractor Mortgages
We work closely with Principality’s senior underwriters to make your mortgage application fast and straightforward. Our expertise allows us to submit your application quickly and accurately, often securing a mortgage in principle within 24 hours. The full application process usually takes about three days, with completion in 2 to 4 weeks.
Principality understands the contracting lifestyle and offers flexible options. If you’re concerned about how a lender will view your income, our friendly team is here to help and guide you through the process.
Compare & Find the Right Mortgage for You
Don’t settle for less—explore, compare, and secure the best mortgage deal tailored to your needs.
Mortgage Comparison
Find the Right Mortgage in Minutes
Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
Mortgage Quote
Personalized Mortgage Quote, Instantly
Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
How does Principality calculate my income as a day rate contractor?
Principality calculates your income based on your contract day rate, multiplied by the number of days you typically work in a week, and then projected over a 48-week period. This approach ensures a realistic assessment of your annual earnings, accounting for potential gaps between contracts.
What if my current contract has less than six months remaining?
If your current contract has less than six months remaining, it may be difficult to secure a mortgage with Principality. They require at least six months remaining on your current contract to consider your application. However, providing evidence of a strong contracting history and ongoing contract negotiations may help.
Can I include income earned in a foreign currency in my mortgage application?
No, Principality only accepts income in domestic currency for mortgage applications. If you earn income in a foreign currency, you may need to convert it and provide additional documentation to demonstrate your earnings.
What are the credit requirements for a contractor mortgage with Principality?
Principality has strict credit requirements. You must not have any bankruptcies, Individual Voluntary Arrangements (IVAs), or County Court Judgments (CCJs) within the last six years. A clean credit history is essential for approval.