Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Principality and Market Harborough Cut Mortgage and Bridging Rates
Principality and Market Harborough have announced reductions to selected mortgage and bridging rates. The changes, which affect a range of residential, buy-to-let, and bridging finance products, may be of interest to UK letting agents and inventory clerks monitoring lending trends.
Principality is set to lower prices on its mortgage products from tomorrow. The lender will reduce two and five-year fixed rates within its residential range at 65% loan-to-value (LTV) by up to 10 basis points. Several residential fixed rate deals at 90% LTV will also fall by up to 6 basis points. Additionally, Principality is cutting five-year fixed rates for holiday lets at 60% LTV by up to 7 basis points. The lender is also introducing new buy-to-let deals at 60% to 75% LTV, each with a 3% fee.
Market Harborough has reduced its core bridging rates by up to 12 basis points and has simplified its product range into two LTV bands. The lender now offers a variable rate of 0.53% for cases up to 60% LTV and 0.57% for cases between 60.01% and 70% LTV.
These changes may impact property professionals who work with landlords and investors seeking competitive mortgage and bridging finance options.
Source: Mortgage Strategy