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Principality changes new build criteria

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  • 16/08/2017
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Principality changes new build criteria
Principality Building Society is willing to lend up to 90% loan to value (LTV) on new-build residential mortgages, up from 85% previously.

The society will also lend up to 75% LTV on buy to let new build flats or houses in England and Wales.

Shaun Middleton (pictured), head of regulatory sales at The Principality, said: “The UK’s new build market is showing positive signs of growth, with a much healthier outlook in the long run for those hoping to get on the property ladder. But we understand that many first time buyers across the country have smaller deposits so are looking for mortgage products to reflect that.

“Principality is expanding its mortgage lending offers on new build properties to give more choice to buyers for their needs and, importantly, help the new build market continue to prosper.”

In May, The Principality cut rates across its residential, buy to let, affordable housing and Help to Buy Wales product offering including reducing all residential discounted products by 0.15%.

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