Darlington Building Society has introduced a series of rate reductions of up to 35 basis points (bps) across its residential mortgage range, and launched new specialist fixed rate products at 90% and 95% loan-to-value (LTV), with a focus on supporting applicants with more complex circumstances or limited UK credit history.
The new pricing, which came into effect on 12 May, includes headline reductions across both standard and specialist product lines. For standard residential borrowers, the Society’s 2-year fixed rate at 90% LTV has fallen from 5.34% to 5.19%, while the 5-year equivalent is now 4.94%, down from 5.29%. At 95% LTV, the 2- and 5-year fixes have been reduced to 5.39% and 5.14% respectively.
For specialist and visa applicants, the lender has launched new 3-year fixed rate products priced at 5.59% for 90% LTV and 5.89% for 95% LTV. Five-year fixed rates for the same cohort have also been reduced, falling to 5.39% at 90% LTV and 5.69% at 95% LTV.
The move is intended to give intermediaries more flexibility when working with clients who do not meet the criteria of mainstream lenders, including those with smaller deposits, self-employed borrowers, foreign nationals, and applicants seeking borrowing into or in retirement. The Society’s proposition is particularly geared towards first-time buyers, joint borrower sole proprietor (JBSP) cases, and borrowers purchasing at a discount to market value.
Christopher Blewitt, head of mortgage distribution at Darlington Building Society, said: “The market remains challenging for brokers, particularly when working with clients who have smaller deposits or non-standard income,” he said. “With affordability still under pressure, we know how important it is to offer competitive options that reflect the realities advisers and their customers are facing.
“By reducing rates, we’re aiming to give brokers a wider choice of solutions across both standard and specialist lending. That includes cases involving foreign nationals, interest-only into retirement, and purchases at a discount to market value.”
He added that the Society would maintain its personalised approach: “We continue to take a flexible, common-sense approach to underwriting and remain focused on helping brokers place cases that may fall outside the scope of more rigid lending models.”
