Effective from tomorrow (Thursday 12th September), Principality Building Society is set to introduce changes to its mortgage range, with a focus on reducing rates across various mortgage products.
This update will see reductions in rates for both residential and buy-to-let (BTL) mortgages, as well as the reintroduction of a specific product for first-time buyers.
Among the residential mortgage products, rates on 2-year, 3-year, and 5-year fixed mortgages with a loan-to-value (LTV) ratio of 65% are being reduced by up to 0.10%.
Similarly, 2-, 3-, and 5-year fixed mortgages with a 75% LTV are seeing a reduction of up to 0.09%.
Furthermore, the 5-year fixed 80% LTV mortgage will be reduced by 0.10%, while the 5-year fixed 85% LTV mortgage will see a reduction of 0.08%.
Shared Ownership borrowers will also benefit from a reduction, with the 2-year fixed 95% LTV shared ownership mortgage being reduced by 0.10%.
In addition, the 2-year fixed 75% LTV Joint Borrower Sole Proprietor (JBSP) mortgage will experience a rate cut of 0.07%.
Principality Building Society is also making adjustments to its residential cashback mortgages.
The rates for 2- and 5-year fixed 65% LTV cashback mortgages will decrease by up to 0.05%, while 2- and 5-year fixed 75% LTV cashback mortgages will drop by up to 0.08%.
For BTL and holiday let mortgages, there will be a rate reduction of 0.05% on the 5-year fixed 60% LTV BTL mortgage.
Additionally, the 2-year fixed 60% LTV holiday let mortgage will also see a reduction of 0.05%.
In a further move, Principality Building Society is reintroducing its 5-year fixed 95% LTV New Build mortgage, specifically aimed at first-time buyers.
This product will be available for a limited period, offering an attractive option for those looking to enter the property market.
