The Darlington BS Own New Rate Reducer product is available to 95% LTV - up to 90% for those on Skilled Worker visas - and minor credit issues and non-guaranteed income are considered. Buyers can use family gifted deposits for the product, which is available nationally.
The rate reducer mortgages from Own New means that the cashback often given to buyers by new-build developers is instead invested into the mortgage to lower the interest rate during the fixed-rate period.
Louise Thorpe, chief customer officer at Darlington Building Society, said:
“Darlington is pleased to launch our Own New Rate Reducer mortgage, serving the needs of both existing and aspiring homeowners. We work closely with our broker partners to deliver products that are responsive to the changing needs of the modern mortgage market. Darlington’s Own New Rate Reducer proposition is unique in that we accept Skilled Worker VISAs and have adapted our affordability criteria in response to broker feedback and market conditions. It enables first-time buyers and home movers to attain or maintain a lower rate and the lower repayments they’re accustomed to.”
Own New founder, Eliot Darcy, said:
"We're thrilled that Darlington Building Society is now offering Rate Reducer mortgages to their new build customers nationwide. Our goal is to make buying a new home more affordable for everyone, and, with Darlington's focus on making complex cases simple, particularly around skilled worker VISAs and affordability, this partnership allows us to bring the benefits of Rate Reducer to more buyers across the country. By reducing monthly mortgage repayments, we're helping more people achieve the dream of home ownership, even in today's challenging market."
