Member Article

Darlington Building Society Set To Boost Housing Market

Darlington Building Society, the region’s only local building society is playing its part to stimulate the local housing market by launching £25m worth of highly attractive and competitive mortgage products.

The Society was determined in particular to make available accessible mortgage finance to first time buyers as these buyers are key to getting the local housing market moving again after a lengthy period of stagnation. Many first time buyers have been excluded from the market over the past few years due to the requirement of a high deposit coupled with a high interest rate even if the deposit could be secured.

To help tackle this problem, Darlington Building Society has just launched an exclusive first time buyer mortgage which is only available in the local area. A deposit of just 5% of the purchase price is required and there are no product or reservation fees to pay. In addition the initial interest rate is just 3.49% (variable), until 30 September 2015. This is one of the best first time buyer products currently available so demand is expected to be high.

Clearly the housing market needs first time buyers to be tempted back into the market but there are also many existing borrowers who are “trapped” with their current lender as they may have bought their home within the past few years and as there has been little or no house price inflation since then, their high loan to value is preventing them remortgaging.

To help remedy this issue, Darlington Building Society has just launched a remortgage product which will allow these trapped borrowers to access mortgage funding at a much lower rate than most are currently paying. This remortgage product offers an initial interest rate of just 3.89% (variable) until 31 July 2017. Product and Completion fees amount to a very reasonable £674 but the Society pays the remortgage legal fees if the borrower takes advantage of the facility arranged with Enact Conveyancing Ltd. Even taking into account the fees payable, this mortgage will save many borrowers substantial sums of money over the next few years if they decide to remortgage to Darlington Building Society.

As well as these two new products aimed at first time buyers and trapped borrowers desperately looking to remortgage, Darlington Building Society has also launched two new Buy To Let mortgages offering an initial pay rate of only 3.69% and a range of three year discounted mortgages offering initial pay rates of a market leading 3.09%. Full details of the products are available from any of the Society’s branches and agencies or its website.

Paul Richardson, the Society’s Operations Director said, “Our sales staff are very excited following the launch of this highly attractive and competitive range of new mortgages designed to stimulate the local housing market. Initially £25m has been made available but further funding will be put in place as we move into 2013 to replace existing mortgage products when tranche limits are reached.”

He added, “Initial reaction from direct mortgage applicants and mortgage brokers has been extremely positive so I would encourage anyone looking for a good mortgage deal to come and talk to their local building society, Darlington Building Society. Following the launch of these mortgage products local first time buyers and homeowners looking to either move house or remortgage should be able to look forward to a more prosperous 2013.”

This was posted in Bdaily's Members' News section by Recognition PR Business Team .