Principality Dilemma

stoke_bishop

The rate from the Principality is good, 5.19/5 yr. I want a mortgage where I can make overpayments. They have said that they have a "gentleman's agreement" between customer and lender whereby the customer can make 6x overpayments. This is not written in black and white anywhere.

Should I trust what they say? Or run for the hills?

knuckledragger

stoke bishop,
I was with the Principality some time ago and it was written in the terms and conditions that I could overpay up to 10% of the outstanding debt each year without penalty (I WISH!).
I've just had a look at their site and am shocked by the lack of mortgages they now offer. The offer you refer to is no longer on their site but I had a look at the only fixed rate that is there and it's quite clear: NO OVERPAYMENTS otherwise a 3% charge is levied on the overpayment!
I'm glad that I'm no longer with them with those deals, and also glad that I'm not having to remortgage for another three years. It must be truly nightmarish trying to get a good deal in the current market.

ukwoody

Hi, I'm not a broker but my partner is. She advises you get that in writing from them before commiting yourself in anyway, otherwise legally you do not have a leg to stand on and the chances are it will not be honoured.

Woody

Rabiddog_2

These unwanted references to Heather Mills are somewhat overdone.

stoke_bishop

ukwoody wrote: »

Hi, I'm not a broker but my partner is. She advises you get that in writing from them before commiting yourself in anyway, otherwise legally you do not have a leg to stand on and the chances are it will not be honoured.

Woody

I'm not so bothered about whether I can or not. I could live with it, just.
It's just that they give me the impression of being a bit like a bunch of cowboys. (Over this issue).

waddy80

I'm with principality, never had the funds to overpay, so can't really comment on that, but I have found them really good to deal with. In fact I'm just about to do a further advance with them and it's been dealt with very well. (I work in the financial industry, so I know!)

homer_j_3

If you want to overpay, you could just put that money into high interest savings accounts or ISA's where they will probably work harder than 5.19%.

I cannot see the savings rates diminishing whilst banks are looking to get as much cash in as possible. Maybe this is a way of thinking about it?

Dan_Collins_2

I made a call to Principality a year ago, lookging for a large loan deal for a client. Had two deals, Northern Rock and the Principality. Called P and they got all existed and would call me back. The senior something called me took the details of my case and said would buzz e back that day, if was ok can then go for an agreement in principle. Thought it was a bit odd but slightly lower fee than NR. Anyhow, no call and chased and no reply no nothing so placed it with NR! Still no call back a year later!!

stoke_bishop

Dan_Collins wrote: »

I made a call to Principality a year ago, lookging for a large loan deal for a client. Had two deals, Northern Rock and the Principality. Called P and they got all existed and would call me back. The senior something called me took the details of my case and said would buzz e back that day, if was ok can then go for an agreement in principle. Thought it was a bit odd but slightly lower fee than NR. Anyhow, no call and chased and no reply no nothing so placed it with NR! Still no call back a year later!!

Thanks for that. JUst when I'd had my mind put at rest :-)

Seriously, I'm not sure how I would interpret your comments in the context of my query.

Joannef_2

I'm with Principality and have been with them for about 18 months. I can make unlimited overpayments but this was clearly stated in the terms of the mortgage offer. Before Principality I was with Chelsea Building Society for about 7 years and could make unlimited overpayments with them too.

Dan_Collins_2

stoke_bishop wrote: »

Thanks for that. JUst when I'd had my mind put at rest :-)

Seriously, I'm not sure how I would interpret your comments in the context of my query.

Sorry making a point after a few beers is not really the best thing to do! I am not sure about my point in context with whole thread! :beer:

They did offer me poor service though!