"One of the biggest challenges for brokers at the moment isn't necessarily finding a mortgage, it's finding a mortgage that genuinely fits the client's circumstances"
- Chris Blewitt - Darlington Building Society
Darlington Building Society has reduced rates across its residential, specialist residential, shared ownership, buy-to-let, and holiday let ranges by up to 20bps, with changes effective immediately on selected two-year and five-year fixed-rate products for both purchase and remortgage.
The headline reductions include a 20bps cut to the residential two-year fixed rate at 80% LTV, now priced at 5.09%, down from 5.29%.
The specialist residential two-year fixed rate at 90% LTV, available to visa borrowers, is now 5.99%. Shared ownership borrowers see a 10bps reduction to 5.79%, while the standard buy-to-let two-year fixed rate is now 5.49%, and the holiday let equivalent sits at 5.59%.
"One of the biggest challenges for brokers at the moment isn't necessarily finding a mortgage, it's finding a mortgage that genuinely fits the client's circumstances," said Chris Blewitt, head of mortgage distribution at Darlington Building Society (pictured).
"We regularly see cases involving first-time landlords, borrowers on visas, holiday let operators and clients looking to remortgage a former residential property into the buy-to-let market. None of these is a particularly unusual scenario, but they can still sit outside the comfort zone of some lenders.
"In cases like these, the criteria are just as important as the rate. Brokers need lenders that can look at the full picture rather than at a rate that's competitive, which is why we've continued to focus on both pricing and flexibility across the range."
Alongside the rate cuts, the society maintains criteria designed to support brokers placing cases that fall outside standard high-street parameters. For buy-to-let and holiday let borrowers, this includes no minimum income requirement, no maximum age, and support for first-time buyers and first-time landlords.
The society also accepts remortgages of former residential properties into buy-to-let, imposes no six-month ownership rule, accepts Airbnb income for holiday let applications, and permits up to 90 days of personal use on holiday let properties.
The changes are aimed at brokers with clients whose affordability, income structures or property use may not fit conventional lender criteria.
