Principality Building Society is cutting rates by up to 48 basis points on Sunday, while The Mortgage Lender has made reductions of up to 35bps today.

Principality is also increasing a number of rates by lesser amounts and it is cutting its standard variable rate from 7.6% to 7.43%.

Some of the most significant reductions in Principality’s reprice are the following:

• Two-year and five-year Joint Borrower Sole Proprietor rates will be cut by up to 48bps
• Residential product transfer rates will be cut by up to 20bps
• Buy-to-let and holiday let product transfer rates will drop by up to 20bps

Other rate reductions will be made across its new business and product transfer ranges.

It is also increasing rates on a number of two-year fixed rates for new customers by up to 6bps.

At TML there have been reductions on resi and buy-to-let deals today.

Resi rates have been cut by up to 35bps.

There has been an average reduction of 18bps on RL0 to RL3 products, as well as large loan and interest-only deals. 

Residential rates on the core range now start at 5.74%, down from 5.99%.

Large loan and interest-only rates now start at 5.59%, down from 5.74%. Shared ownership rates have been cut by up to 10bps and now start from 6.44%.

Standard buy-to-let rates and products for houses in multiple occupation and multi-unit blocks have also been dropped by up to 10bps.

Buy-to-let five-year rates now start at 4.86% and HMO/MUB rates are now from 5.06%.

TML chief commercial officer Steve Griffiths says: “Making our products as accessible as possible is a core ethos.

“We hope these positive changes and additions to our products help advisers and their clients find the most suitable route towards achieving their property goals.”