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Principality BS reduces interest-only rates

Principality Building Society has reduced rates on all three of its interest-only products.

Three-year discounts are being offered on the 50 per cent, 75 per cent and 85 per cent LTV products.

A rate of 3.39 per cent is now available on the 50 per cent LTV product, down from 3.59 per cent previously. A 3.99 per cent rate replaces the 4.49 per cent rate on the 75 per cent LTV product and the 4.69 per cent rate on the 85 per cent LTV product has been cut to 4.39 per cent.

Principality restricted its interest-only offering to three products in April.

Interest-only products have become increasingly restricted in recent months as lenders attempt to distance themselves from products which may fall victim to MMR proposals designed to restrict their sale to consumers that have a “clearly understood and credible strategy” for repayment.

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