Darlington Building Society has a launched a 95% loan-to-value (LTV) visa mortgage and overhauled its lending criteria.
The visa mortgage is priced at 5.49% for borrowers taking out a five-year fixed rate and 5.89% for those opting for a two-year fix.
A minimum income requirement of £60,000 applies to single applicants. This rises to £90,000 for joint applicants. There is no minimum income requirement for borrowers with a deposit of 10% or more.
Borrowers are subject to a credit search rather than a credit score and skilled workers can apply for a mortgage with two years remaining on their visa.
Spousal visa income is accepted if the joint applicant has indefinite leave to remain in the UK, an applicable visa or is a British National.
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First-time buyer improvements
The building society has upped its maximum LTV from 90% to 95% LTV.
Rates have been cut by up to 20% on 90% and 95% LTV deals across two- and five-year fixed rates.
Borrowers can be self-employed or company directors. Income can be salaried and the society will also accept share of net profits for limited company owners.
Bonuses, commission and overtime are accepted.
Louise Thorpe (pictured), chief customer officer at Darlington Building Society, said: “Not all first-time buyers work a nine-to-five job, so we’ve flexed our criteria to open the market for more aspiring homeowners in a range of circumstances. Combined with a 40-year term and reductions on both our fixed products, more affordable mortgages for first time borrowers have arrived.”
The society has also removed its maximum age limit for buy-to-let (BTL) borrowers and cut remortgage and product transfer rates by up to 30%. The society’s maximum loan amount at 95% LTV has been increased from £300,000 to £400,000.
Product transfers are fee-free to existing borrowers and £500 cashback is available on remortgage exclusive products.
Last month, Darlington announced it had partnered with Own New to launch a Rate Reducer new-build mortgage.
The new-build deal means that first-time buyers and homemovers can purchase a new build and have affordable monthly repayments with only a 5% deposit.
