The society has also announced that it is also operating slightly reduced branch opening times as it continues to meet the needs of its Members in challenging circumstances.
According to a statement, most branches will be open from 09:30 until 16:00 from today and will close for an hour for lunch. The contact centre remains open as normal as things stand.
Julie-Ann Haines, Chief Customer Officer at Principality Building Society, said: “We want to reassure our Members who might be worried about the impact of coronavirus that we’re here to help with any concerns they might have about their savings and mortgages with us. Where our Members have been affected by coronavirus, we'll work with them and can offer a three month holiday on mortgage payments.
“Buy-to-let borrowers will also be eligible for a payment holiday of up to three months if their tenants have lost income due to the impact of coronavirus. In those circumstances, we would expect landlords to pass on the benefit of the payment holiday to their tenant.
“Also, we will offer emergency access to savings in fixed-term accounts without consequence. We want to be as flexible as we can be in helping our people through these challenging times.
“We’re working hard to ensure that Members can receive regular service from our branches and agencies. We’ll be adopting slightly reduced opening times in our branches and agencies from Monday 23rd March. We’ll continue to monitor the situation and update our Members via our website and branch network. As a mutual owned by our Members for 160 years, we have always run the business for their long-term benefit, prioritising being a strong and safe home for Members’ savings and mortgages.”