According to the lender, the new range will also see greater flexibility for stress testing on affordability to allow more customers such as first-time buyers to apply, as well as opportunities for those looking at buy-to-let options.
Vicky Wales, Chief Customer Officer at Principality, said: “Our purpose is to help people buy their own home and we hope our new range of competitively priced products will help many first-time buyers and families to secure a more affordable mortgage rate.
“Times are challenging for millions of people, as house prices continue to rise across the UK due to pent-up demand and low supply in some areas of the country. On top of this, inflation is high, meaning the cost of living has increased for all of us, while the Bank of England increased rates which saw thousands of people pay more for their mortgages each month. Whilst the economy has stabilized since the mini budget in September, we are constantly looking to see how we can help people looking for greater security and affordability when it comes to buying a home.”
