Darlington Building Society has launched a new, low deposit mortgage to help local people buy their dream home.

The new 90% loan-to-value (LTV) has a fixed rate of interest at 3.39% until November 2023 and is designed to provide further support for first and second-time buyers, following last week’s announcement by Chancellor Rishi Sunak of a stamp duty holiday.

The mortgage product will be available direct from Darlington Building Society or a broker, to people buying a home located within the Society’s postcode areas  across the North-East and North Yorkshire which are: DL, TS, DH, YO, SR and HG.

This latest addition to Darlington Building Society’s portfolio of products will provide further stimulus for the market on top of the temporary cut in stamp duty, which raises the starting threshold from £125,000 to £500,000 until March 31 next year.

Darren Ditchburn, Darlington Building Society’s Chief Customer Officer, said: “Darlington Building Society’s core purpose is all about improving the lives of our members and communities through supporting home ownership and encouraging saving.

“There has been a lack of low deposit mortgages available both nationally and locally for a number of months because banks and building societies have withdrawn from the higher loan-to-value markets due to the COVID-19 crisis which has affected us all.

“We are, therefore, delighted to be able to provide this mortgage product to local people who are now ready to take that first or second step on the property ladder.

“And with the further incentive of a cut in stamp duty, this low deposit product could be just what is needed to make more local people’s dreams of buying a home come true.”

“Unlike some other products being introduced to the market, this will not be limited to first-time buyers,” added Mr Ditchburn. “It will be made available to second-time buyers too because that will help get the property market moving in the right direction.”

Darlington Building Society has branches in Barnard Castle, Bishop Auckland, Darlington, Guisborough, Middlesbrough, Northallerton, Redcar, Stockton and Yarm.

It is important to remember that every mortgage is secured on the individual(s) home which they could lose if they do not keep up their mortgage payments.

To find out more, go to: https://www.darlington.co.uk/mortgages/