Darlington BS cuts residential and specialist mortgage rates by up to 0.40%
Effective immediately, the changes apply across selected 2-year and 5-year fixed-rate products for purchase and remortgage business.
Darlington Building Society has reduced selected rates across its standard residential, specialist residential and specialist buy-to-let (BTL) mortgage ranges by up to 0.40%.
Effective immediately, the changes apply across selected 2-year and 5-year fixed-rate products for purchase and remortgage business.
Among the changes, Darlington has reduced its 2-year standard residential rate at 80% loan-to-value (LTV) by 0.10% to 5.29%.
At higher LTVs, its 2-year standard residential rates at 90% and 95% LTV have both been cut by 0.30%, to 5.89% and 5.99% respectively.
The society’s 2-year specialist residential rate at 80% LTV has fallen by 0.20% to 5.49%, while its specialist Visa mortgage at 90% LTV has been reduced by 0.10% to 6.09%.
Buy-to-let reductions include a 0.30% cut to the 2-year specialist product, bringing the rate to 5.69%.
The 5-year specialist buy-to-let rate has received the largest reduction of 0.40%, also taking it to 5.69%, while the 5-year limited company buy-to-let rate has been cut by 0.20% to 5.99%.
Darlington’s specialist residential range includes options at up to 90% LTV for Visa borrowers and applicants with foreign-currency income.
Chris Blewitt (pictured), 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.”
He added: “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.”
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