See the latest announcement from Darlington below. Note that you can access Darlington via the Brilliant Solutions mortgage club. Contact us for details.
Darlington launches 95% LTV new build mortgage
Darlington Building Society has partnered with Own New to launch a brand new Rate Reducer mortgage.
First time buyers and home movers alike can enjoy the economic benefits of buying a new build home while maintaining affordable monthly repayments, with as little as a 5% deposit.
How it works:
Housebuilders typically offer up to 5% of the value of the property as an incentive to buyers, such as cashback or as a deposit contribution, to people buying new-build homes. For Own New Rate Reducer mortgages, this is instead invested into the mortgage to lower the interest rate during the fixed-rate period, unlocking a more affordable mortgage with lower monthly repayments for the initial term.
Key Features of the Darlington Own New Rate Reducer Mortgage:
- Skilled Worker VISAs eligible up to 90% LTV
- Generous Affordability model
- 95% LTV new build mortgage
- Credit Search, not Credit Score
- Non-guaranteed income considered (overtime, bonus, commission)
- Minor credit issues considered
- Family gifted deposits acceptable
- Low monthly payments
- Available nationally
Over two thirds (68%) of people consider the affordability of monthly mortgage repayments as a growing barrier to owning a home. (Property Tracker, June 2024). Darlington’s Own New Rate Reducer mortgage provides a workable solution to this increasing consumer challenge.
Additionally, newer homes are more economical to run; therefore, the financial benefits of owning a new home with Darlington’s Own New Rate Reducer mortgage extend far beyond lower monthly mortgage outgoings.