The changes to Principality Building Society’s new business and product transfer rates will come into force on 1 September.
Within its new business range, residential rates will fall by up to 0.12%. This includes its residential two-, three- and five-year fixed rates at 65% loan to value (LTV), which will fall by around 0.08%. At 75% LTV, prices will decrease by around 0.12%.
At 80% and 85% LTV, rates will fall by around 0.1%, and its two-year fixed rate at 90% LTV with no fee will go down by 0.05%.
Residential deals with cashback will decrease by around 0.2%. Five-year fixed rates at 65%, 80% and 85% LTV will decrease by 0.09%, 0.2% and 0.15% respectively.
Two- and five-year fixed rates at 75% and 90% LTV will reduce by 0.1% and 0.04%, while three- and five-year fixed rates with no cashback at 90% LTV will decrease by up to 0.06%.
On the new-build side, two- and five-year fixed rates at 75% LTV for Help to Buy Wales will go down by 0.1%. Two- and five-year fixed rates at 95% LTV for shared ownership deals will decrease by 0.11%.
Joint borrower sole proprietor (JBSP) two- and five-year fixed rates from 75% to 90% LTV will fall by around 0.48%
Within its buy-to-let (BTL) range, its five-year fixed rate at 60% LTV will decrease by around 0.07% and its five-year fixed rate at 70% LTV with no fee will go down by 0.05%.
On the holiday let side, its two-year fixed rate at 60% LTV with no fee will go down by 0.1%, along with its five-year fixed rate at 60% LTV. Its five-year deal at 75% LTV with no fee will reduce by 0.05%.
Principality Building Society added that it will increase two-year fixed rates at 90% LTV with no fee by 0.04%, along with two-year fixed rates at 65% LTV with no cashback.
Its two-year fixed rate at 80% and 85% LTV with cashback will rise by 0.06% and 0.04%.
Within its product transfer rates, residential two-, three- and five-year fixed rates at 65% and 75% LTV will fall by around 0.2%.
Its two-, three- and five-year fixed rates at 85% LTV will reduce by around 0.15%, and its two-, three- and five-year fixed rates at 90% and 95% LTV will go down by around 0.05%.
BTL and holiday let two- and five-year fixed rates at 60% and 75% LTV will fall by 0.2%, along with two-year fixed rates at 85% LTV.
Principality Building Society’s standard variable rate (SVR) will fall from 7.6% to 7.43%.
Vida launches high-LTV limited-edition two-year deals
Specialist lender Vida has added a limited-edition residential two-year fixed rate at 90% LTV.
The deal is available in its Vida 36 range at a rate of 7.34% and is in addition to five- and seven-year fixed options available. It has a fee of £1,495.
The firm has also lowered a duo of BTL products by up to 0.33%. They are available in the Vida 36 credit tier up to 75% LTV on five-year terms. Its 2% fee option is priced at 5.46% and its 4% fee option is 5.06%.
Helen Cawthra, head of intermediary relationships at Vida, said: “We’re pleased to be able to offer yet another 90% LTV product to our residential range, to support first-time buyers achieve their homeownership dream.
“This also gives them the opportunity to gain a longer work history or repair their credit within the two-year fixed rate period. Our reduced rate, buy-to-let products will also support landlords and offer stability with the five-year fixed rate and flexibility of two fee options.”
She added: “Brokers should take a look at our Product Switch Hub should they have any customers coming to the end of their deal looking for a new product or potentially cheaper rate.
“Intermediaries can contact the V-Hub to discuss any case and take advantage of these rate reductions. With direct access to our specialist experts and underwriters, intermediaries can be confident in our efficient service levels coupled with dedicated support.”
