"Even more innovation is needed in the current environment, which is why the Society has today announced a modified first-time buyer offering. "
- Chris Blewitt, head of distribution at Darlington Building Society
Darlington Building Society has announced a raft of changes to help support first-time buyers.
The Society is now offering its 95% LTV mortgages nationwide (excluding London) and has reduced rates by up to 0.35%.
It has also increased the maximum loan size and abolished fees for first-time buyers.
As part of the changes, first-time buyers on a skilled worker visa can now access mortgages up to 95% LTV with no minimum time in the UK required.
Chris Blewitt, head of distribution at Darlington Building Society, said: “First-time buyers have been dealt some tough cards in recent years with rising interest rates, climbing house prices, and the wind-down of the government’s Help to Buy scheme. Darlington Building Society has always supported first-time buyers – as an early adopter of the Own New and Help to Build schemes - but even more innovation is needed in the current environment, which is why the Society has today announced a modified first-time buyer offering.
“We’ve taken a holistic approach in repricing, removing fees, reaching out nationwide and making it easier for more people to own their own homes. These mortgage changes compliment our recent Home Saver savings account launch, which is also geared towards first-time buyers with a bonus available to savers who take out a mortgage with the Society. Whatever the outcome of the government’s Budget this week, we will continue to work hard to support first-time buyers with an innovative approach to mortgages, just as we have for 168 years.”
