Darlington Building Society has reduced rates across a range of residential, shared ownership, buy-to-let and holiday let mortgage products.
Darlington Building Society has announced a series of rate reductions across its residential, specialist residential, shared ownership, buy-to-let and holiday let mortgage ranges.
The changes take effect immediately and apply to selected 2-year and 5-year fixed-rate products for both purchase and remortgage borrowers. Among the reductions, the society’s residential 2-year fixed-rate mortgage at 80% loan-to-value (LTV) has been reduced by 0.20% from 5.29% to 5.09%.
The lender’s specialist residential visa product at 90% LTV is now available at 5.99%, while its shared ownership 2-year fixed-rate mortgage has been reduced by 0.10% to 5.79%. Darlington’s standard buy-to-let 2-year fixed-rate product is now priced at 5.49%, while its holiday let equivalent starts from 5.59%.
The society said the changes are intended to support brokers working with first-time buyers, landlords and borrowers whose circumstances may not fit mainstream lending criteria. It continues to offer a range of criteria features across its buy-to-let and holiday let products, including no minimum income requirement, no maximum age limits, support for first-time buyers and first-time landlords, and acceptance of Airbnb income for holiday let applications.
Chris Blewitt, head of mortgage distribution at Darlington Building Society, said: “One of the biggest challenges for brokers at the moment isn’t necessarily finding a mortgage, it’s finding a mortgage that genuinely fits the client’s circumstances.
“We regularly see cases involving first-time landlords, borrowers on visas, holiday let operators and clients looking to remortgage a former residential property into the buy-to-let market. None of these are particularly unusual scenarios, but they can still sit outside the comfort zone of some lenders.
“On cases like these, criteria is just as important as rate. Brokers need lenders that can look at the full picture rather than at a rate that’s competitive, which is why we’ve continued to focus on both pricing and flexibility across the range.”