Principality has announced a new 95 per cent loan-to-value (LTV) mortgage product that it is rolling out to help first-time buyers get on to the property ladder.
The new offering from Wales’ largest building society has been launched to meet the needs of consumers who have less cash at their disposal for a deposit and as a result, there are no product fees or tightening of the lending criteria.
It also has a five-year fixed rate, which means individuals will benefit from having a set payment leave their accounts and being able to work out a realistic budget.
Christopher Johnson, head of mortgages at Principality, said the company took advantage of the government’s Funding for Lending Scheme and it hopes to find ways of passing on savings to its members.
He continued: “We have made this product as easy to access as possible and we are committed to offering this mortgage at the best possible rate to the people in our heartland.”
This comes after the firm opened its 53rd branch earlier this month in the Cwmbran Shopping Centre, which is its third new site in the last two years.
