"We have focused on making meaningful reductions where we know there is demand, particularly within buy-to-let and higher LTV residential lending"
- Chris Blewitt - Darlington Building Society
Darlington Building Society has cut buy-to-let mortgage rates by up to 50 basis points (bps), with its five-year fixed-rate standard product at 80% loan-to-value (LTV) now priced at 5.49%, down from 5.99%.
The reductions, effective immediately, are aimed at supporting brokers placing cases for landlords where rental margins are under closer scrutiny and longer-term cost certainty is a priority.
The repricing extends across the society's residential and specialist mortgage ranges. Residential products have been reduced by up to 25bps, with specialist residential rates cut by up to 30bps for borrowers with more complex income profiles, including those on visas or with non-standard earnings.
Full headline rate reductions across the range are as follows:
- Five-year fixed-rate, standard buy-to-let, 80% LTV: 5.49%, reduced by 50bps (from 5.99%)
- Two-year fixed-rate, residential, 80% LTV: 5.29%, reduced by 25bps (from 5.54%)
- Two-year fixed-rate, residential, 90% LTV: 5.79%, reduced by 20bps (from 5.99%)
- Two-year fixed-rate, residential, 95% LTV: 5.99%, reduced by 20bps (from 6.19%), available for first-time buyers only
- Two-year fixed-rate, specialist residential, 90% LTV: 6.29%, reduced by 30bps (from 6.59%)
- Two-year fixed-rate, specialist residential, 80% LTV: 5.59%, reduced by 20bps (from 5.79%)
The changes apply to both purchase and remortgage business across the range, with the exception of the 95% LTV residential products, which are restricted to first-time buyers.
"We have focused on making meaningful reductions where we know there is demand, particularly within buy-to-let and higher LTV residential lending," said Chris Blewitt, head of mortgage distribution at Darlington Building Society (pictured).
"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,", he added.
The specialist residential cuts are designed to give brokers greater flexibility when placing cases outside standard high street criteria, covering borrowers whose income structures fall outside conventional lending assessments.
"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," Blewitt said.
