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Principality BS cuts rates on interest-only deals

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  • 20/08/2012
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Principality BS cuts rates on interest-only deals
Principality, the UK’s seventh largest building society has reduced the rates on its interest-only range.

It is offering three-year discounts on its three interest-only products which are available up to 50%, 75% and 85% LTV.

All rates will convert to the lender’s SVR, which is at 4.99% once the discount has expired.

Principality is offering a rate of 3.39% on its 50% LTV deal, down from 3.59%, and a rate of 3.99% on its 75% LTV deal, down from 4.49%.

Its 85% LTV deal has seen the rate slashed from 4.69% to 4.39%.

All products include a fee of £900 and a mortgage commitment fee of £99.

A spokesman for Principality said: “We reduced rates across the range, in line with competitor and market movements.”

Principality’s interest-only products are available across all channels, including intermediaries.

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