Darlington Building Society has reduced mortgage rates by up to 50bps across its buy-to-let, residential and specialist ranges.
The changes, which are effective immediately, include reductions across selected buy-to-let products, residential deals and specialist residential mortgages for borrowers with more complex income profiles.
The largest cut is on Darlington’s five-year fixed-rate standard buy-to-let product at 80% loan-to-value, which has been reduced from 5.99% to 5.49%.
The society said the buy-to-let changes were intended to support brokers working with landlords seeking greater certainty over longer-term costs, at a time when rental margins remain under scrutiny.
Darlington has also cut rates across its residential range by up to 25bps, including products aimed at higher loan-to-value borrowers and first-time buyers.
Its two-year fixed-rate residential product at 80% LTV has been reduced from 5.54% to 5.29%, while its 90% LTV equivalent has been cut from 5.99% to 5.79%.
The lender has also reduced its two-year fixed-rate residential product at 95% LTV from 6.19% to 5.99%. The 95% LTV product is available to first-time buyers only.
In its specialist residential range, Darlington has reduced rates by up to 30bps for borrowers including those on visas or with non-standard earnings.
The two-year fixed-rate specialist residential product at 90% LTV has been reduced from 6.59% to 6.29%, while the 80% LTV version has been cut from 5.79% to 5.59%.
The changes apply to both purchase and remortgage business, except for the 95% LTV residential products, which are restricted to first-time buyers.
Chris Blewitt, head of mortgage distribution at Darlington Building Society, said: “We have focused on making meaningful reductions where we know there is demand, particularly within buy-to-let and higher LTV residential lending.
“For brokers, it’s about having options that give them a better chance of placing cases without having to compromise on the client’s situation, whether that is a landlord reviewing portfolio costs, a first-time buyer stretching affordability, or a client with more complex income that needs a more considered approach.
“As always, the aim is to remain consistent in how we approach lending, with a common sense view on cases and a willingness to look at scenarios that may not fit a more automated approach.”
