From tomorrow, Wednesday 28th May, Principality Intermediaries will be implementing a series of updates to its mortgage product range.
This includes the launch of new products and a reshaping of interest rates across several categories.
A notable addition to the offering is the introduction of a new buy-to-let mortgage range.
The building society is launching three fixed-rate products: a 2-year fixed rate at 60% loan-to-value (LTV), a 2-year fixed rate at 70% LTV, and a 2-year fixed rate at 75% LTV.
Each of these comes with a £2,499 product fee, providing landlords with a variety of options depending on their borrowing requirements and equity levels.
Alongside these new products, Principality Intermediaries is also making a series of rate reductions.
Residential mortgage customers with higher LTVs will benefit from lower rates, with the 2-year fixed 90% LTV products reduced by 0.20%, the 3-year fixed 90% LTV product down by 0.15%, and the 5-year fixed 90% LTV options lowered by 0.05%.
Rate cuts also apply to residential mortgages with cashback, including a 0.20% reduction on the 2-year fixed 90% LTV product and a 0.05% reduction on the 5-year fixed equivalent.
The society’s Joint Borrower Sole Proprietor (JBSP) mortgage range is also seeing reductions, with the 2-year and 5-year fixed 90% LTV products cut by 0.20% and 0.05% respectively.
For customers seeking holiday let mortgages, the 2-year fixed 60% LTV product rate will be reduced by up to 0.09%, and the 5-year fixed version by up to 0.08%.
However, the changes are not solely rate cuts. A number of products will see rate increases, particularly among lower LTV residential mortgage products.
Fixed-rate deals at 65% LTV will increase by up to 0.33% for 5-year terms and up to 0.25% for 2 and 3-year terms.
Similarly, 75% and 80% LTV fixed products are also rising, with some 5-year fixed options at 75% LTV increasing by up to 0.36%.
The 85% LTV bracket will see 2-year fixed products rise by up to 0.23%, 3-year options by up to 0.18%, and 5-year products by as much as 0.30%.
The highest LTV bracket, 95%, will see increases of 0.20% on both 2 and 5-year fixed residential mortgages.
Products with cashback are following a similar trend.
Rate increases range from 0.23% to 0.30% across 65%, 75%, 80%, and 85% LTV tiers, affecting both 2- and 5-year fixed products.
Joint Borrower Sole Proprietor mortgages are also seeing upward adjustments.
The 2-year fixed 75% LTV product is rising by 0.25%, while the 5-year option at the same LTV increases by 0.40%.
Products at 80% and 85% LTV are increasing by up to 0.30%.
Buy-to-let products are not immune to the adjustments, with 5-year fixed rates at 60%, 70%, and 75% LTV increasing modestly by 0.05%, 0.04%, and 0.05% respectively.
For Shared Ownership customers, both 2 and 5-year fixed 95% LTV products will increase by 0.10%.
Help to Buy (Wales) mortgage customers will see a small increase of 0.05% on the 5-year fixed 75% LTV product.
In addition, tracker mortgages are also subject to rate changes.
The 2-year tracker products at 65%, 75%, 80%, and 85% LTV will all increase by 0.10%.
