Lender Criteria Guide

Principality Building Society for Contractors — Criteria & Approach

Principality, Wales’ largest mutual, brings pragmatic contractor criteria with particular regional depth across Wales and the borders, where its valuation knowledge is a genuine asset. A solid mutual choice, strongest where the property is Welsh.

Criteria at a glance

Assessment Policy Table
Criteria RequirementAssessment Policy
Income basisDay rate–based assessment
Day-one lendingCase-by-case
Minimum historyStandard
IR35 (inside) stanceContractor-friendly assessment
Umbrella acceptedYes
Limited companyYes
Gaps between contractsStandard
Adverse creditClean credit preferred
UnderwritingHybrid
Broker accessIntermediary

Is Principality Building Society right for you?

Best suited to

Watch-outs

Frequently asked questions

Yes — its regional depth across Wales and the borders is a genuine asset on valuation and local knowledge, alongside pragmatic contractor criteria. Exact terms are confirmed live at application.

Yes — lending extends across England and Wales; the Welsh depth is an advantage, not a boundary.

On a day-rate basis for qualifying contractors, reading the contract rather than relying solely on accounts.

Yes to both, with appropriate income evidence for each structure.

It prefers clean credit; adverse cases are usually better matched to specialist lenders.

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