Darlington Building Society has reduced rates across its buy to let, residential and specialist mortgage ranges, with cuts of up to 50 basis points (bps), aimed at supporting brokers placing cases for landlords, first time buyers and clients with more complex income.
Effective immediately, the Society has reduced rates across its buy to let range, with selected products seeing cuts of up to 50bps. This includes its 5 year fixed-rate standard buy to let product at 80% loan-to-value (LTV), now available at 5.49%, down from 5.99%.
This is expected to support brokers working with landlords seeking more certainty on longer-term costs, particularly where rental margins are under closer scrutiny.
Alongside this, Darlington has also reduced pricing across its residential range, with cuts of up to 25bps on key products, supporting brokers placing higher LTV and first time buyer cases where affordability remains finely balanced.
In its specialist residential range, rates have been reduced by up to 30bps for borrowers with more complex income profiles, including those on visas or with non standard earnings, and are designed to give brokers more flexibility when placing cases outside of high street criteria.
Headline rate reductions across the range include:
- 5 year fixed-rate, standard buy to let, 80% LTV – 5.49%, reduced by 50bps (from 5.99%).
- 2 year fixed-rate, residential, 80% LTV – 5.29%, reduced by 25bps (from 5.54%).
- 2 year fixed-rate, residential, 90% LTV – 5.79%, reduced by 20bps (from 5.99%).
- 2 year fixed-rate, residential, 95% LTV – 5.99%, reduced by 20bps (from 6.19%) - available for first time buyers only.
- 2 year fixed-rate, specialist residential, 90% LTV – 6.29%, reduced by 30bps (from 6.59%).
- 2 year fixed-rate, specialist residential, 80% LTV – 5.59%, reduced by 20bps (from 5.79%).
The changes apply to both purchase and remortgage business, with the exception of the 95% LTV residential products, which are available to first time buyers only.
Chris Blewitt, Head of Mortgage Distribution at Darlington Building Society, said:
“We have focused on making meaningful reductions where we know there is demand, particularly within buy to let and higher LTV residential lending.
“For brokers, it’s about having options that give them a better chance of placing cases without having to compromise on the client’s situation, whether that is a landlord reviewing portfolio costs, a first time buyer stretching affordability, or a client with more complex income that needs a more considered approach.
“As always, the aim is to remain consistent in how we approach lending, with a common sense view on cases and a willingness to look at scenarios that may not fit a more automated approach.”
