Principality - How we're here to support you
By Andrea Roberts | 22 May 2020
SUMMARY: Principality's Key Account Manager, Andrea Roberts, talks about the way we've had to adapt challenging working environment, how we've supported our brokers and members and the key insights we've discovered in her latest blog.
I’m Andrea Roberts, a Key Account Manager for Principality Building Society. Established in 1860, we’re the 6th largest building society in the UK and lend across England and Wales to serve over 500,000 customers.
The first five months of 2020 has brought a considerable amount of change to every-day life and the way we work. It’s been a challenging working environment and the market has had to respond and adapt rapidly.
Like many other financial institutions, our first priority has been to mobilize our colleagues to work remotely to enable us to continue to support our Members and Intermediary partners. We pride ourselves on our stand out customer experience, so maintaining our human approach and assessing mortgage cases on their own merits is one element that we’re committed to stand by. We’re not a computer says no lender, so our particular challenge has been to ensure our underwriters, telephony teams and BDMs can continue to give a ‘virtual’ service.
From a technical point of view, we’ve also had to be more agile in our valuation approach. We’ve been able to provide desktop valuations for residential purchases and re-mortgages on properties valued up to £500k and up to 80% LTV and Buy to Let and Holiday Let up to 75% LTV across England and Wales. With the recent announcement of the housing market changes in England, we will begin moving applications in England that were ineligible for a desktop valuation to a physical valuation.
In the past three months, we’ve seen a huge increase in product transfers for our existing members, which can be actioned up to 14 weeks prior to the maturity date. Our process consists of three easy steps which can be found on our product transfer webpage here. We can also action a change to the mortgage term in conjunction with a rate change and providing a customer is not in arrears and meets our usual criteria they can transfer their product in an agreed payment holiday to avoid maturing onto SVR.
Supporting our communities is at the heart of everything we do. Apart from two branches, we’ve been able to keep the rest of our branch network open which we feel is extremely important to supporting our Welsh communities, especially our elderly and more vulnerable Members. We are also committed to supporting our charity partners, the Alzheimer’s Society Cymru and the Teenage Cancer Trust Cymru. We have donated £60,000, split equally, to help them support local services that they provide in Wales during COVID-19.
We’re here to support you with any queries and cases you may have, please don't hesitate to contact your local BDM, you can find their contact details here. We're available from 9am until 5pm every weekday.
For Professional Adviser Use Only.
By Andrea Roberts
Andrea Roberts is Principality's Key Account Manager.