Darlington launches exclusive discount mortgage with L&G

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Darlington launches exclusive discount mortgage with L&G

Darlington Building Society has launched an exclusive discount mortgage through the Legal & General Mortgage Club aimed at first-time buyers, home movers or borrowers looking to remortgage.

The product comes with discounted standard variable rate (SVR) of 2.24 per cent until 30 September 2019, which is dependent on the borrower’s circumstances.

A 1 per cent early repayment charge applies within the discounted period, or no charge for a single repayment of up to 10 per cent of the mortgage.

After the initial discount period is over, the SVR will rise to 5.7 per cent for the remainder of the mortgage term.

It is available at up to 90 per cent loan to value (LTV), with a minimum size of £1,000 and a maximum of £400,000 for mortgages between 80.01 per cent and 90 per cent LTV.

The mortgage comes with a basic valuation fee of £300 but no product or account fees, while borrowers stand to benefit from £250 cashback.

Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “We are delighted to have secured this product exclusive with Darlington Building Society for our members. 

“Mortgage clubs like Legal & General’s play a vital role in the mortgage journey between lenders and intermediaries, and it is our job to secure the best deals for our broker partners and their clients. 

“We have worked closely with Darlington to launch this discount mortgage product, and we believe this offering will further enhance the choice for intermediaries and the customers they serve.”

Phil Anderson, director at Aberdeen-based Phil Anderson Financial Services, commented: “That is an excellent deal. Some direct-only deals might be a bit lower, but that is not far off it. 

“The reversion rate is higher, but they are not tied in after the two years. Most will offer a product transfer at the end of the two years.

“We use L&G quite a lot, but it is frustrating sometimes when you see a lender launch a product that only certain clubs can use. It is always good if more people can get it.”