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Principality launch online service to help first-time buyers get on the property ladder
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Principality launches first-time buyer online savings account
By Roger Baird 25
th February 2021 4:07 pm
Principality Building Society has launched an online savings account designed to help first-time buyers onto the property ladder.
Its First Home Steps Online account offers a tiered interest rate, between 0.80 per cent and 1.50 per cent, with up to three withdrawals per year without loss of interest.
The UK’s sixth-largest mutual has also launched a First Home Steps Online hub to guide first-time buyers through the process of buying their first home.
The platform contains a range of articles, with guidance tailored to each stage of the buying process, including saving, searching for a home and buying.
MP calls for talks with major banks after Prestatyn High Street branch closures
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Contents insurance explained
Home contents insurance covers personal possessions inside your home from a list of specified risks, such as fire, flood and theft. Content includes things like TVs, tablets, sofas, tables, carpets and curtains, etc. High-value items (such as jewellery, antiques, etc.) are covered by normal contents insurance but they are very likely subject to a maximum limit (such as £1,000 in total or a maximum of £250 per item). Those people with high-value items in their possession are best to seek additional cover for these when purchasing contents insurance.
Some insurers offer additional cover for accidental damage to the contents of your home. This would cover you for the repair or replacement of items damaged as a result of an accident – for example, kicking over a tin of paint that ruins your carpet, or accidentally knocking over a vase of flowers drenching your TV in water.
Principality Building Society reported that its total assets reached £11.1bn in 2020, up from £10.7bn in 2019 in its latest financial results.
This is accountable to an increase of £182m in retail mortgage lending in 2020, taking total retail lending over £8bn for the first time.
In addition, Principality also increased provision levels by £9.1m to cover potential future losses arising from the economic downturn caused by the pandemic.
Underlying profit before tax fell to £24.1m, from £39.8m in 2019, and statutory profit before tax declined to £19.9m in 2020, down from £39.6m the year prior.
Julie-Ann Haines, chief executive of Principality Building Society, said: “As promised last year, we continued to invest previous profits back into the business to boost our technology so we could offer our members improvements to their customer service.
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