Darlington Building Society has cut rates on its foreign currency residential mortgages by up to 30 basis points.
Please credit image: Keith Taylor
The changes apply immediately to selected two- and five-year fixed rate products and follow the society recent decision to increase the maximum LTV on its currency range to 90%, expanding options for brokers working with more specialized business.
Key tariff reductions across the range include:
A two-year fixed rate mortgage in foreign currency, 80% LTV – 5.39%, reduced by 20 basis points. A two-year fixed rate mortgage in foreign currency, 90% LTV – 5.79%, reduced by 30 basis points; a five-year fixed rate mortgage in foreign currency, 80% LTV – 5.39%, reduced by 20 basis points; and a five-year fixed rate mortgage in foreign currency, 90% LTV – 5.79%, reduced by 30 basis points.
Darlington’s foreign currency proposal is aimed at borrowers whose income is paid in a foreign currency and could support a range of scenarios, including expats returning to Britain, foreigners buying property and customers whose circumstances may fall outside the mainstream criteria. The Society accepts 16 major currencies and uses a manual underwriting approach for complex cases.
The changes apply to both purchase and remortgage cases.
Commenting on the latest offering, Chris Blewitt, head of mortgage distribution at Darlington Building Society, said:
“Foreign currency matters are typically the types of transactions where there is rarely a simple route from investigation to completion. Clients may have overseas income, multiple jurisdictions involved or circumstances that fall outside standard systems and policies.
“What agents often tell us is that these are not difficult clients, just clients who need to think more about how a case is assessed. Pricing is important, but so is knowing that someone is willing to look beyond a standard checklist and understand the broader story behind an application.”
He added: “We have seen steady demand in this area and while rates are only part of the conversation, improving prices gives agents another option when trying to list properties that can sometimes have a limited number of properties.”