Principality Building Society is set to reduce rates across a wide range of its mortgage products from Sunday 1st September.
The changes affect both new business and product transfer, with the society lowering rates on several fixed-term deals across various loan-to-value (LTV) tiers.
For residential mortgages in the new business range, the society is implementing rate reductions of up to 0.08% across 2-, 3-, and 5-year fixed products up to 65% LTV, while the 75% LTV products will be reduced by up to 0.12%.
Rates for the 80% and 85% LTV products will be reduced by up to 0.10%, and the society’s 2-year fixed 90% LTV product without a product fee will see a reduction of 0.05%.
In the residential range with cashback options, its 5-year fixed 65% LTV product will drop by 0.09%, while the 75% LTV products will decrease by 0.10%.
A 5-year fixed 80% LTV product with cashback will see the largest reduction, dropping by 0.20%, followed by the 85% LTV product, which will decrease by 0.15%.
The 2- and 5-year fixed 90% LTV products will be reduced by up to 0.06%.
For new-build properties, Principality is lowering rates on its 2- and 5-year fixed 75% LTV Help to Buy Wales products by 0.10%.
The 2- and 5-year fixed 95% LTV Shared Ownership products will see reductions of up to 0.11%.
The Joint Borrower Sole Proprietor (JBSP) range will see significant decreases, with the 2- and 5-year fixed products across 75%, 80%, 85%, and 90% LTV categories seeing reductions of up to 0.48%.
Buy-to-let investors will also benefit from rate reductions, as the society’s 5-year fixed 60% LTV products will decrease by up to 0.07%, while the 5-year fixed 70% LTV product with a product fee will drop by 0.05%.
Holiday let mortgages will see reductions as well, with the 2-year fixed 60% LTV product without a product fee decreasing by 0.10%, and the 5-year fixed products dropping by up to 0.10%.
However, some rate increases will also take place, with Principality’s 2-year fixed 90% LTV product with a product fee increasing by 0.04%.
Similarly, the 2-year fixed products with cashback for 65%, 80%, and 85% LTV will see increases of 0.04%, 0.06%, and 0.04%, respectively.
In the product transfer range, Principality is decreasing rates on several products.
Its 2-, 3-, and 5-year fixed products for 65% and 75% LTV will be reduced by 0.20%, while the 85% LTV products will drop by 0.15%.
In addition, 2-, 3-, and 5-year fixed products for 90% and 95% LTV will see reductions of 0.05%.
Buy-to-let and holiday let products in this range will also see reductions, with 2- and 5-year fixed products for 60% and 75% LTV dropping by 0.20%, along with the 2-year 85% LTV products.
Additionally, Principality’s Standard Variable Rate (SVR) is set to decrease from 7.60% to 7.43%.
