PMS announces Principality product

The product is a two-year discount which includes a free valuation for purchase, and a free valuation and free legals for remortgage applications.

Product details:

- 1.20 per cent discount until 30 June 2008 – initial pay rate 5.24 per cent (6.5 per cent APR)

- Free valuation for purchase and remortgages

- Free legals for remortgages

- Early repayment charge – 3 per cent of the amount repaid until 30 June 2008

- £450 arrangement fee (which can be added to the loan)

- Maximum loan-to-value 75 per cent

- 0.4 per cent introducer fee

- Rental should be at least 30 per cent more than the mortgage interest repayments (based on the initial pay rate on an interest only basis).

- Available in England & Wales only

John Malone, managing director of Premier Mortgage Service, said: “We are delighted that a mutual society such as Principality Building Society has put together this deal for our members. The product looks especially attractive for remortgage clients.”

Geraint Rogers, product development manager mortgages / rheolwr datblygu nwyddau – morgeisi at Principality Building Society, said: “We are pleased to be able to work with PMS to offer this product which has great customer benefits. The free valuation and free legal fees on remortgages should prove popular and help both parties to raise awareness of our commitment to the buy-to-let market.”