The Darlington Building Society has launched a new 90% loan to value (LTV) three-year fixed product.

It has a fixed rate of interest at 3.39% until November 2023.

The mortgage product will be available direct from Darlington Building Society or a broker, to people buying a home located within the Society’s postcode areas across the North-East and North Yorkshire which are: DL, TS, DH, YO, SR and HG.

It has a product fee of £999 and a completion fee of £120 (there is a society contribution towards the valuation fee up to a maximum of £300).

An early repayment charge of the following tariffs will be applied: 4% of the outstanding balance before 30 November 2021, 3% of the outstanding balance before 30 November 2022 and 2% of the outstanding balance before 30 November 2023.

Darren Ditchburn, the Darlington Building Society’s chief customer officer, said: “Darlington Building Society’s core purpose is all about improving the lives of our members and communities through supporting home ownership and encouraging saving.

“There has been a lack of low deposit mortgages available both nationally and locally for a number of months because banks and building societies have withdrawn from the higher loan-to-value markets due to the Covid-19 crisis which has affected us all.

“We are, therefore, delighted to be able to provide this mortgage product to local people who are now ready to take that first or second step on the property ladder.

“And with the further incentive of a cut in stamp duty, this low deposit product could be just what is needed to make more local people’s dreams of buying a home come true.

“Unlike some other products being introduced to the market, this will not be limited to first-time buyers. It will be made available to second-time buyers too because that will help get the property market moving in the right direction.”