Darlington Building Society has reduced rates across its residential foreign currency mortgage range by up to 30bps.

The changes, which take effect immediately, apply to selected two-year and five-year fixed-rate products.

They follow the society’s recent decision to increase the maximum LTV on its foreign currency range to 90%.

The two-year fixed-rate foreign currency mortgage at 80% LTV has been reduced by 20bps to 5.39%, while the 90% LTV product has been cut by 30bps to 5.79%.

The five-year fixed-rate foreign currency mortgage at 80% LTV has also been reduced by 20bps to 5.39%, with the 90% LTV option cut by 30bps to 5.79%.

Darlington’s foreign currency proposition is aimed at borrowers whose income is paid in an overseas currency. It can support cases involving expats returning to the UK, foreign nationals purchasing property and clients whose circumstances fall outside more mainstream criteria.

The society accepts 16 major currencies and uses manual underwriting for complex cases.

The changes apply to both purchase and remortgage business.

Chris Blewitt (pictured), head of mortgage distribution at Darlington Building Society, said: “Foreign currency cases tend to be the sort of transactions where there is rarely a straightforward route from enquiry through to completion.

“Clients may have overseas income, multiple jurisdictions involved, or circumstances that sit outside standard systems and policy rules.

“What brokers often tell us is that these are not difficult clients, they are simply clients that need more thought around how a case is assessed.

“Pricing is important, but so does knowing there is someone willing to look beyond a standard checklist and understand the wider story behind an application.

“We have seen steady demand in this area and, while rates are only one part of the conversation, improving pricing gives brokers another option when they are trying to place cases that can sometimes have a limited number of homes.”