Products for first-time buyers have received the largest cuts, such as the joint borrower sole proprietor (JBSP) product at 90 per cent loan to value (LTV). The two-year fixed rate product has been reduced to 2.58 per cent from 3.53 per cent.
The lender’s Help to Buy England and Wales mortgages at 75 per cent LTV have also been reduced, including the two-year fixed deal which has gone down by 63 bps to 2.01 per cent.
Across its remortgages, the mutual has cut the two-year fixed product at 75 per cent LTV from 1.58 per cent to 1.48 per cent.
Morgan Miles, head of products at Principality Building Society, said: ‘’We’re pleased to be reducing rates across our mortgage range to support our brokers and customer needs.
“We hope the reductions on the Help to Buy England and Wales mortgages and joint borrower sole proprietor offering will further assist first-time buyers looking to get onto the property ladder.”