Darlington BS cuts residential and buy-to-let rates by up to 0.50%

Darlington Building Society has reduced rates across its buy-to-let, residential and specialist mortgage ranges, with cuts of up to 0.50%.

The Society has reduced rates across its buy-to-let range, with selected products seeing cuts of up to 50bps. This includes five-year fixed rate standard buy-to-let product at 80% LTV, now available at 5.49%, down from 5.99%.

Darlington has also reduced pricing across its residential range, with cuts of up to 25bps on key products. Two-year fixed rates have reduced to 5.29% at 80% LTV, 5.79% at 90% LTV, and 5.99% at 95% LTV.

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.

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.”