Principality increases maximum loan size for 80-85% LTV residential mortgages
Welsh building society, Principality has increased the loan size for its residential 80-85% loan-to-value products from £350,000 to £500,000 maximum with immediate effect.
Emma Graham, intermediary key account manager, said: “At a time of rising house prices in some areas, and smaller deposits, we have been receiving an increasing demand from brokers for larger loan sizes, so this is a positive move in response to that.
“We will continue to identify ways to expand our product proposition to the market and provide our brokers and customers with greater choice.”
Principality has also recently introduced an extended offer period for new-build properties to six months initially plus a further six months, subject to status.
Graham added: “We have taken this step because with new-build applications often borrowers want certainty, so the sooner in the process they can arrange their mortgage, the better.”