Darlington Building Society has increased the maximum loan-to-value (LTV) available on its foreign currency mortgage range to 90%, up from 80%, aimed at supporting brokers placing cases for expat and foreign-income clients, including first-time buyers.
Effective immediately, the change reflects a clear focus on improving access to higher-LTV lending within this specialist area. The products are also available to borrowers purchasing property in Scotland, further widening access for clients operating across different regions of the UK.
The move is expected to support brokers working with clients whose income is earned in a foreign currency, where higher deposit requirements can often be a barrier to progressing cases, particularly for those looking to enter the market for the first time.
Darlington has identified foreign currency and expat lending as a key area of growth, with the latest update forming part of a broader push to offer more flexibility in how these cases are assessed and placed.
Alongside this, the Society has also recently reduced rates across its buy-to-let, residential and specialist ranges, aimed at supporting brokers placing cases across a range of borrower types, including landlords, first-time buyers and those with more complex income.
Chris Blewitt, Head of Mortgage Distribution at Darlington Building Society, said:
“We have seen steady demand from brokers placing foreign currency and expat cases, but the feedback has been consistent where higher deposit requirements can make those cases harder to progress.
“By increasing the LTV to 90% from 80%, we are giving brokers more flexibility to support clients who have the income to sustain the borrowing but may not have built up a larger deposit, particularly first-time buyers. This also extends to borrowers purchasing property in Scotland, where we are continuing to support cases across a broader range of locations.
“As always, we are focused on being consistent in how we assess cases, taking a common-sense view and supporting scenarios that may not fit a more automated model, while still ensuring cases can move forward at pace.”
