The reductions include the 75% LTV holiday let product, which is now offered at a rate of 2.99%.

Other reductions include the 70% and 75% LTV 5-year buy-to-let products, which have been reduced by up to 0.09%.

The Joint Borrower Sole Proprietor 5-year residential mortgage offering has also been reduced to 2.63%.

Morgan Miles, senior product manager of mortgages at Principality Building Society, said: “We’re delighted to be offering reduced rates across our mortgage product range, as well as market leading pricing on the 75% LTV holiday let product.

“We hope these changes will help support both our broker partners and customer’s needs.”