The largest reductions have been aimed at first-time buyers, including a Joint Borrower Sole Proprietor 2-year fixed 90% loan-to-value (LTV) product, which has been reduced by 95bps to 2.58%.

The lender’s Help to Buy England and Wales mortgages at 75% LTV have also been reduced, including the 2-year fixed Help to Buy which has been reduced by 63 bps, now being offered at 2.01%.

Reductions for customers looking to remortgage include a 2-year fixed term 75% LTV product which has been reduced by 10 bps to 1.48%.

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.”