Principality Building Society has reduced rates on more than 40 products by as much as 95 basis points.  

The biggest reductions have been made on products that are aimed at first-time buyers. 

Principality’s joint borrower sole proprietor two-year fixed rate at 90% LTV has been cut from 3.53% to 2.58%.

It allows up to four incomes to be taken into account as part of the application, meaning that parents, step parents and grandparents can be on the mortgage of their children or grandchildren without being named on the title deeds. 

Principality has also cut its two-year fixed rate Help to Buy mortgage at 75% LTV by 63 bps to 2.01%.

Among the reductions to remortgage deals, Principality has cut its two-year fixed rate at 75% LTV which has been reduced by 10 bps to 1.48%.

Principality head of products Morgan Miles says: “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.’’