Darlington Building Society has cut interest rates across its foreign currency residential mortgage range by up to 30 basis points.
Please credit photo: Keith Taylor
The changes take effect immediately on select two-year, five-year, and tracked fixed-rate products the society The recent decision to increase the maximum LTV across the FX range to 90%, enhancing options for brokers working with more specialized situations.
Key rate cuts across the range include:
A two-year fixed rate foreign currency mortgage, with interest rates from 80% to 5.39%, discounted by 20 basis points. Two-year fixed rate foreign currency mortgage, 90% LTV to 5.79%, discounted by 30 basis points; Five-year fixed rate foreign currency mortgage, 80% LTV to 5.39%, discounted by 20 basis points; and a five-year fixed rate foreign currency mortgage, at 90% to 5.79%, discounted by 30 basis points.
The Darlington Foreign Currency Offer is designed for borrowers whose income is paid in an offshore currency and can support a range of scenarios, including expatriates returning to the UK, foreign nationals purchasing property, and clients whose circumstances may fall outside the most common criteria. The association accepts 16 major currencies and takes a manual underwriting approach to complex cases.
The changes apply to both purchase and remortgage businesses.
Commenting on the latest offer, Chris Blewett, Head of Mortgage Distribution at Darlington Building Society, said:
“Foreign exchange issues tend to be the type of transactions for which there is rarely a direct path from inquiry to completion. Clients may have income abroad, multiple jurisdictions, or circumstances that fall outside standard regulations and policy rules.
“What brokers often tell us is that these are not difficult clients, they are simply clients who need a little more thought about how to evaluate the condition. Pricing is important, but it is also important to know that there is someone willing to look beyond the standard checklist and understand the broader story behind the order.”
“We have seen consistent demand in this area, and although pricing is only one part of the conversation, improving pricing gives brokers another option when they are trying to present cases that may sometimes have a limited number of homes,” he added.
