Principality cuts rates on five year fixes

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Principality Building Society has cut rates on its five year fixed rate residential mortgages.

The Welsh building society now offers the loans from 2.20 per cent.

Principality’s range of five year residential mortgages for 65 – 85 per cent LTV all offers no product fees and free standard valuations.

Remortgagors also get free legal fees.

Principality head of regulatory sales Shaun Middleton says: “We’ve noted an increasing broker sentiment towards longer term fixed products which is why we’ve made reductions to our five year residential fixed rates.

“We appreciate that for most people their largest single monthly commitment is their mortgage and these longer term products will help people to better control their finances.”