The Darlington Building Society has launched a five-year fixed-rate product under its new price cut plan that offers up to 95% loan-to-value new building mortgages.
Interest rates start at 4.19%, aligned with developer incentive schemes, providing a 3% or 5% contribution.
Mutual Aid says home loans can be used for a wide range of borrowers, including first-time home buyers, skilled workers and visa personnel.
Their own new home ownership platform, backed by more than 150 developers, gives borrowers access to new properties across the country (excluding London) with lower monthly repayments.
Mutual Aid says the new product range includes:
Visa Specific Options Cover:
The association does not apply to the minimum income threshold for 95% LTV applications and does not require a minimum UK residence period rather than relying on traditional credit scores.
It added that it will consider skilled workers’ visa holders with at least two years of visa left and accept spouse visa income if the co-applicants are British nationals, or have indefinite leave.
Chris Blewitt, director of agency distribution at the Darlington Building Association, said: “Demand for new homes remains strong, especially among buyers facing mainstream lender barriers, visa status is one of the most common reasons why customers are not outside the standard standards.
“Affordability remains one of the biggest obstacles for buyers, especially as monthly costs remain high and interest rates remain well above historical norms,” added Eliot Darcy.
“Introducing home builders’ incentives into the mortgage itself, rather than upfront fees, means buyers can access lower monthly repayments starting on day one.”
