Darlington Building Society has cut selected rates across its specialist buy-to-let mortgage, standard residential, and specialist residential ranges by up to 40 basis points, with changes taking effect immediately.
The repricing covers two-year and five-year fixed-rate products for both purchase and remortgage. The headline BTL reductions include the two-year fixed-rate specialist buy-to-let product falling 30bps to 5.69% and the five-year equivalent cut by 40bps to the same rate. The five-year fixed-rate limited company buy-to-let mortgage drops 20bps to 5.99%.
Across the residential range, Darlington's two-year fixed-rate standard products have been reduced at higher LTV tiers. The 90% and 95% LTV options both fall by 30bps, to 5.89% and 5.99% respectively, while the 80% LTV product edges down 10bps to 5.29%. The two-year fixed-rate specialist residential mortgage at 80% LTV is cut by 20bps to 5.49%, and the specialist Visa mortgage at 90% LTV falls 10bps to 6.09%.
The lender continues to underwrite specialist cases on an individual basis. Its specialist residential range includes 90% LTV options for Visa borrowers and clients with foreign-currency income.
"Fixed-rate pricing is facing renewed pressure, and funding costs have become more challenging again in recent weeks," said Chris Blewitt, head of mortgage distribution at Darlington Building Society (pictured).
"Against that backdrop, lenders need to be selective about where they can make meaningful reductions, rather than responding in the same way across an entire range.
"For brokers, the important point is that opportunities to secure better pricing are still there. We have been able to make some significant reductions, including 40 basis points on our five-year specialist buy-to-let product, while also cutting rates across several areas of our residential and specialist ranges.
"Borrowers have had to deal with a lot of uncertainty around mortgage pricing this year, so lenders need to look carefully at where they can offer value. Where the funding position allows us to sharpen a rate and improve the options available to brokers and their clients, we want to act on it."
