Principality Building Society has cut rates across products in its fixed residential and buy-to-let ranges.
The Welsh lender has reduced rates on four two-year residential mortgage products by 0.15 per cent with new rates ranging from 1.85 per cent to 2.10 per cent.
Cuts have also been applied to two buy-to-let products; with reductions of 0.25 per cent and 0.20 per cent applied to its two-year fixed BTL deals, at 60 per cent LTV.
Principality acquisition product manager Ross Williams says: “With speculation of a rate rise and increased swap rates, many lenders are having to follow the market trajectory of increasing rates.
“Of late we have seen a lack of movement in pricing of two-year fixed products in the market.
“In order to remain competitive, we are reducing our two year fixed residential products between 65 per cent to 85 per cent LTV, to help our customers prosper in their homes and to provide our intermediaries with additional opportunities to engage with their clients”.