Darlington reduces mortgage rates and enhances later life criteria

Darlington Intermediaries has announced a series of changes to its mortgage offering and processes to support more complex cases and deliver a more efficient broker experience.

The Society has introduced rate switches to the Iress Mortgage Sales Originations (MSO) platform in addition to initial mortgage cases, which have been going through the Iress platform for some time.

As well as improving its digital process, Darlington Intermediaries is also reducing rates across its residential mortgage range.

In addition, Darlington Intermediaries has reintroduced its interest-only mortgage offering up to the age of 86.

Finally, there is now no upper age limit for repayment mortgages with Darlington Intermediaries.

Chris Blewitt, head of intermediary distribution, said: “Dealing with complex cases shouldn’t mean having to deal with complex systems and antiquated processes. This significant investment in Iress reaffirms our commitment to our broker partners. We can now deliver all of Darlington Intermediaries’ specialist criteria solutions through an enhanced digital process, providing the feel and efficiency normally associated with a High Street lender.

"Later life Lending is an important and growing lending area, being able to offer our solutions once again to this cohort is fantastic. With no upper age limit on repayment mortgages and an upper age of 86 for interest-only mortgages, Darlington Intermediaries criteria is offering a viable solution for those looking to purchase or remain in their homes irrespective of their age.”

Head of Products, Tom Crossley, added: “With swap rates continuing to settle, we are seeing confidence returning to the housing market, our latest round of rate cuts reinforces our commitment to support our borrowers and to help make dreams of home ownership a reality.

“We recognise that borrowers’ circumstances are unique, no matter what age they are. We have designed a range of bespoke products to meet the needs of borrowers looking to borrow in and approaching retirement.”