Darlington Building Society boosts foreign currency lending to 90% LTV
The change, effective immediately, is aimed at helping brokers place cases for clients earning in overseas currencies.
Darlington Building Society has increased the maximum loan-to-value (LTV) on its foreign currency mortgage range to 90%, up from 80%.
The change, effective immediately, is aimed at helping brokers place cases for clients earning in overseas currencies, including first-time buyers who may struggle to meet higher deposit requirements.
The products are also available for property purchases in Scotland, widening the society’s geographic reach for these borrowers.
Chris Blewitt (pictured), head of mortgage distribution at Darlington Building Society, said: “We have seen steady demand from brokers placing foreign currency and expat cases, but the feedback has been consistent where higher deposit requirements can make those cases harder to progress.
“By increasing the LTV to 90% from 80%, we are giving brokers more flexibility to support clients who have the income to sustain the borrowing but may not have built up a larger deposit, particularly first-time buyers.
“This also extends to borrowers purchasing property in Scotland, where we are continuing to support cases across a broader range of locations.
“As always, we are focused on being consistent in how we assess cases, taking a common-sense view and supporting scenarios that may not fit a more automated model, while still ensuring cases can move forward at pace.”
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