Darlington Building Society has cut rates across its residential and specialist mortgage ranges by up to 40bps.
The repricing, which takes effect immediately, covers selected two-year and five-year fixed-rate products for purchase and remortgage customers across standard residential, specialist residential and specialist buy-to-let lending.
Among the changes, Darlington has reduced its two-year fixed standard residential mortgage at 80% LTV by 10bps to 5.29%.
Its two-year fixes at 90% and 95% LTV have both been cut by 30bps, taking rates to 5.89% and 5.99% respectively.
Within the specialist residential range, the society has reduced its two-year fixed mortgage at 80% LTV by 20bps to 5.49%. Its two-year specialist residential Visa mortgage at 90% LTV has been cut by 10bps to 6.09%.
Darlington has also made reductions to its specialist buy-to-let range. Its two-year fixed specialist buy-to-let mortgage has fallen by 30bps to 5.69%, while the equivalent five-year fix has been cut by 40bps to 5.69%.
The society’s five-year fixed limited company buy-to-let mortgage has been reduced by 20bps to 5.99%.
The changes include products aimed at first-time buyers, Visa borrowers and limited company landlords. Darlington’s specialist residential range also includes options at up to 90% LTV for Visa borrowers and customers with foreign-currency income.
Chris Blewitt, head of mortgage distribution at Darlington Building Society, said: “Fixed-rate pricing is facing renewed pressure, and funding costs have become more challenging again in recent weeks.
“Against that backdrop, lenders need to be selective about where they can make meaningful reductions, rather than responding in the same way across an entire range.
“For brokers, the important point is that opportunities to secure better pricing are still there. We have been able to make some significant reductions, including 40 basis points on our five-year specialist buy-to-let product, while also cutting rates across several areas of our residential and specialist ranges.
“Borrowers have had to deal with a lot of uncertainty around mortgage pricing this year, so lenders need to look carefully at where they can offer value. Where the funding position allows us to sharpen a rate and improve the options available to brokers and their clients, we want to act on it.”
