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.

Principality BS, TML and Bluestone Announce Mortgage Rate Changes

Principality Building Society has announced a series of changes to its mortgage rates, with some products seeing increases and others reductions. The Mortgage Lender (TML) and Bluestone Mortgages have also reduced selected residential mortgage rates.

Principality Building Society has increased rates across parts of its residential mortgage range. Two- and five-year fixed products at 65% loan to value (LTV) with an £895 product fee have increased by 0.04%. Two-year fixed 65% LTV products without a product fee have increased by up to 0.13%, and three-year fixed 65% LTV products have gone up by 0.11%. In its cashback residential range, two-year fixed 65% LTV products have risen by 0.08%, and five-year fixed 65% LTV products have increased by 0.12%.

Within its product transfer range, Principality has made some rate decreases. Five-year fixed 65% LTV products and 85% LTV products have both decreased by 0.05%. New-build five-year fixed 95% LTV shared ownership products have also decreased by 0.05%, as have buy-to-let (BTL) two-year fixed 60% LTV products. Some two- and five-year fixes have decreased by 0.2% across 60% and 75% LTV products. However, there have also been increases in the product transfer range, with two-year fixed 65% LTV products up by 0.05% and five-year discount 75% LTV products up by 0.25%. Selected BTL product transfers saw rate increases of 0.15-0.2%.

The Mortgage Lender (TML) has reduced selected rates across its residential mortgage range by up to 25 basis points (bps) on selected two- and five-year fixed products. Bluestone Mortgages has reduced selected five-year fixed residential mortgage rates by up to 15 bps, with rates now starting from 6.04%.

These changes may be relevant to letting agents and inventory clerks monitoring mortgage product trends and their potential impact on the UK property market.