Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Clydesdale and Principality BS Announce Changes to Product Transfer Rates

Clydesdale has reduced its core residential product transfer mortgage rates and introduced new deals, while Principality Building Society has made a series of increases and cuts to its product transfer and buy-to-let rates.

Clydesdale’s latest product transfer options now include two- and five-year fixed rates at 65% and 75% loan to value (LTV), each with a £1,999 fee. The two-year fixed rate starts from 4.27% at 65% LTV, and 4.42% at 75% LTV. Five-year fixed rates are set at 4.34% for 65% LTV and 4.44% for 75% LTV. The lender has also reduced rates by up to 0.16% across its two- and five-year fixed rates for loans up to £1 million, and by up to 0.1% for selected two- and five-year fixes for loans above £1 million. These rates are available from 17 July. Earlier in the month, Clydesdale stopped lending to new borrowers.

Principality Building Society has adjusted its rates, with some increases and some cuts. Pricing across its product transfer offering has increased, with a 0.2% rise applied to its two-, three-, and five-year fixed residential options at 65%, 75%, 85%, and 90% LTV. Buy-to-let (BTL) and holiday let product transfer rates have also increased, including two- and five-year fixes at 60% and 75% LTV, which have risen by 0.2%. Two-year fixes at 85% LTV have also increased by 0.2%.

Other increases include residential mortgage two-, three-, and five-year fixes at 65% LTV, which have gone up by 0.2%, and pricing at 75%, 80%, and 85% LTV, which has risen by 0.15%. For joint borrower sole proprietor (JBSP) deals, two- and five-year fixes between 75% and 85% LTV have increased by 0.15%, while the five-year fixed rate at 90% LTV has risen by 0.07%. Principality’s BTL rates have increased by as much as 0.1%. Mortgages for self-employed borrowers have risen by up to 0.2%, except for the five-year fix at 90% LTV, which has been cut by 0.07%. The mutual is also launching a five-year fixed BTL product at 75% LTV with no fee.

These changes may impact letting agents and inventory clerks monitoring mortgage product trends for landlords and property owners.