Darlington Building Society announced several changes to support first-time buyers.
The changes include 95% loan-to-value (LTV) mortgages available nationwide, excluding London, with an increased maximum loan size.
The society will abolish fees for first-time buyers and has reduced rates by up to 0.35%.
Additionally, for first-time buyers on a skilled worker VISA, the society offers up to 95% LTV mortgages with no minimum time in the UK required.
The society said that the upcoming Budget would likely see Stamp Duty revert to pre-2022 levels, meaning first-time buyers will pay the levy on properties over £300,000.
There have been no indications of a replacement for the Help to Buy scheme, but in September, 63% of would-be homeowners cited “raising a deposit” as a major barrier, followed closely by “affordability of monthly repayments” at 62%.
Chris Blewitt (pictured), head of distribution at Darlington Building Society, said: “First-time buyers have been dealt some tough cards in recent years with rising interest rates, climbing house prices, and the wind-down of the government’s Help to Buy scheme.
“Darlington Building Society has always supported first-time buyers – as an early adopter of the Own New and Help to Build schemes – but even more innovation is needed in the current environment, which is why the society has today announced a modified first-time buyer offering.”
Blewitt added: “We’ve taken a holistic approach in repricing, removing fees, reaching out nationwide and making it easier for more people to own their own homes.
“These mortgage changes compliment our recent Home Saver savings account launch, which is also geared towards first-time buyers with a bonus available to savers who take out a mortgage with the Society.
“Whatever the outcome of the government’s Budget this week, we will continue to work hard to support first-time buyers with an innovative approach to mortgages, just as we have for 168 years.”
