Principality enhances residential and buy-to-let criteria

Principality Building Society has updated its mortgage lending criteria with changes for both buy-to-let and holiday let and lending into retirement age for residential mortgages.

First time buyers are no longer required to own their own home when applying for a buy-to-let or holiday let mortgage and the Society has removed its minimum income requirements for both products.

In addition, Principality will now accept employed income up to the age of 75 for all residential mortgages. Principality will use current income to assess affordability, up to the age of 75, as long as the customer is more than 10 years from retirement and can show that they are paying into a private pension.

Helen Lewis, national account manager at Principality, said: “We’re delighted to be introducing our updated lending criteria to the market. The changes have been made in response to feedback from our brokers, customers and staff, and we’re pleased to be able to help more people onto their property ladder with these latest offerings.”