Effective from Tuesday 6th April, Principality Building Society is set to implement a series of changes to its mortgage range, including significant rate reductions across a wide selection of residential, buy-to-let, and specialist products.
The updates will see decreases in interest rates on various residential fixed-rate mortgages. At 65% loan-to-value (LTV), 2-year fixed rates will be reduced by up to 0.24%, 3-year fixed rates by 0.16%, and 5-year fixed rates by up to 0.04%.
For customers borrowing at 75% LTV, 2-year fixed rates will drop by up to 0.18%, 3-year fixed rates by 0.08%, and 5-year fixed rates by up to 0.06%.
Reductions also extend to higher LTV tiers, with cuts of up to 0.30% on 5-year fixed products at 85% LTV.
Customers opting for residential mortgages with cashback will also benefit from lower rates.
For example, 2-year fixed products at 65% LTV will be reduced by 0.25%, and 5-year fixed rates at the same LTV will decrease by 0.05%.
Similar reductions apply across the 75%, 80%, 85%, and 90% LTV bands, offering a more competitive range for a broad selection of borrowers.
Joint Borrower Sole Proprietor (JBSP) mortgages will see similar adjustments, with rate reductions across 75%, 80%, 85%, and 90% LTVs, including a 0.30% decrease on 5-year fixed products at 85% LTV.
The buy-to-let range is also being updated, with 5-year fixed products at 60% LTV reduced by up to 0.15%, 70% LTV by 0.10%, and 75% LTV by up to 0.13%.
Customers using the Help to Buy Wales scheme will also see lower rates. The 2-year fixed 75% LTV product will decrease by 0.16%, while the 5-year equivalent will drop by a substantial 0.32%.
However, not all changes are reductions. Principality will increase the rate on its 2-year fixed tracker residential mortgage at 65% LTV by 0.03%.
