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Principality BS adds shared ownership deal and changes new homes criteria

  • 27/03/2024
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Principality BS adds shared ownership deal and changes new homes criteria
Principality Building Society has introduced a shared ownership mortgage and updated its new homes criteria.

The shared ownership deal will be available across England and Wales for new and preowned homes.

Principality Building Society will lend up to 95% on houses and 90% on flats on between 25% and 75% of the property value.

On new homes, once the offer is made, it is valid for up to eight months, with an eight-month extension available on the same rate, subject to criteria.

The mutual said that the shared ownership property must be leasehold and, where shared ownership is a part of a larger development, its maximum exposure will be 20% to any one development.

Niki Willacott, Principality Building Society’s new home business development manager (BDM), said: ‘We’re very proud to introduce our shared ownership mortgage to clients across England and Wales. We know that buyers are looking for flexibility to ensure they can secure their new home in an affordable way, and we are proud to support them.

“We’ve also made enhancements to our new-build proposition, which include reducing the deposit required on new houses to just 5%, and now we accept builder gifted deposits. These changes are a result of broker feedback and are a positive step to make new homeownership more accessible to buyers.”

Principality Building Society recently widened its lending policy for non-European Economic Area (EEA) applicants, going up to 95% loan to value (LTV), and shortened the time non-EEA applicants need to live in the UK to two years.

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