There’s good news for home buyers and those looking to remortgage, with two lenders announcing cuts to their mortgage rates.

Principality Building Society is cutting rates on some of its mortgages by up to a hefty 0.48 percentage points. That’s a significant saving, particularly for those with large mortgages.

The Mortgage Lender (TML) has also joined the party, reducing rates on a range of its residential and buy-to-let deals.

Principality’s Changes in Detail

Here are some of the key changes from Principality:

• Joint Borrower Sole Proprietor mortgages: Fixed rates for two and five-year terms have been cut by up to 0.48 percentage points.
• Product Transfers: Existing borrowers looking to switch to a new deal with Principality will benefit from cuts of up to 0.20 percentage points on both residential and buy-to-let mortgages.
• Standard Variable Rate: The rate for those on Principality’s standard variable rate will see their interest rate drop from 7.6% to 7.43%.

However, it’s not all plain sailing. Principality is increasing rates on some two-year fixed-rate mortgages for new customers by up to 0.06 percentage points.

What’s Happening at TML?

TML’s rate cuts are focused on both residential and buy-to-let mortgages:

Residential Mortgages:

• Rate Cuts: Reductions of up to 0.35 percentage points on residential mortgages.
• Core Range: Rates on TML’s core range now start at 5.74%, down from 5.99%.
• Large Loans and Interest-Only: These mortgages see rates start at 5.59%, down from 5.74%.
• Shared Ownership: Good news for shared ownership buyers, with rates cut by up to 0.10 percentage points and now starting at 6.44%.

Buy-to-Let Mortgages:

• Standard and Specialist Properties: Rates on standard buy-to-let mortgages and those for Houses in Multiple Occupation (HMOs) and multi-unit blocks have all been reduced by up to 0.10 percentage points.
• Five-Year Fixed Rates: Landlords can now secure a five-year fixed rate from 4.86%.
• HMO and Multi-Unit Block Rates: These rates now start at 5.06%.

TML says it’s committed to making its mortgages accessible, with Steve Griffiths, Chief Commercial Officer, commenting: “We hope these positive changes and additions to our products help advisers and their clients find the most suitable route towards achieving their property goals.”

What does this mean for you? These rate cuts offer some welcome relief for borrowers, particularly in the face of the rising cost of living. Whether you’re buying a new home or looking to remortgage, it’s worth shopping around to see what deals are available.