Darlington Building Society has dropped mortgage rates by up to 0.35% across its residential range and brought in fixed rate deals at 90% and 95% loan-to-value (LTV) for specialist and visa applicants.
The changes, effective today, aims to give brokers more options for clients with smaller deposits, complex cases, or limited UK credit history.
For regular residential mortgages, the 2-year fixed at 90% LTV is now 5.19%, down from 5.34%.
The 2-year fixed at 95% LTV is 5.39%, down from 5.64%.
Meanwhile, the 5-year fixed at 90% LTV has dropped to 4.94% from 5.29%, and the 5-year fixed at 95% LTV is now 5.14%, down from 5.39%.
For specialist and visa applicants, products include a 3-year fixed at 90% LTV at 5.59% and a 3-year fixed at 95% LTV at 5.89%.
Additionally, the 5-year fixed at 90% LTV has dropped to 5.39% from 5.59%, while the 5-year fixed at 95% LTV is now 5.69%, down from 5.79%.
These products are set up for people with non-standard circumstances, such as those with smaller deposits or limited UK credit history, and those borrowing later in life.
Christopher Blewitt, head of mortgage distribution at Darlington Building Society, said: “The market remains challenging for brokers, particularly when working with clients who have smaller deposits or non-standard income.
“With affordability still under pressure, we know how important it is to offer competitive options that reflect the realities advisers and their customers are facing.
“By reducing rates, we’re aiming to give brokers a wider choice of solutions across both standard and specialist lending.”
Blewitt added: “That includes cases involving foreign nationals, interest-only into retirement, and purchases at a discount to market value.
“We continue to take a flexible, common-sense approach to underwriting and remain focused on helping brokers place cases that may fall outside the scope of more rigid lending models.”
