"We wanted to widen the scope as much as possible to help more key workers onto the property ladder."
The new product will be exclusively available to 'local heroes' where at least one individual on the mortgage is a key worker in the following professions: health and social care, emergency/security services, education and childcare, and other critical services such as supermarket, bank, and building society workers.
The 95% LTV mortgage is a three-year fixed rate product available on a repayment basis only, on a maximum loan size of £300,000.
The product is not available on new build properties or flats and is only available for DL, TS, DH, YO, HG or SR postcode areas.
It comes with a £999 product fee and £120 completion fee, and includes up to £300 contribution towards valuation from Darlington Building Society.
Darren Ditchburn, the Society’s chief customer officer, said: “We are really excited and proud to be supporting local first-time buyers who are playing such a vital role as key workers during these unprecedented times.
“We recognise the amazing job they have done, and it is one of the ways we, as a local building society, can say thank you – by helping them to take that crucial first step on the housing ladder.
“We expect to see a high level of demand for 95 per cent mortgages, and that’s why we have decided to provide priority access to local first-time buyers who are key workers in those vital sectors listed.
“Other products have been introduced that have been exclusively available to NHS staff, but we wanted to widen the scope as much as possible to help more key workers onto the property ladder.”
