The remortgage product has a flat fee of £2,499.
There is also a standard two-year fix priced at 4.79%, a holiday let deal with a rate of 5.19%, an expat BTL product priced at 5.19% and a retention product with a rate of 4.89%.
Darlington Building Society will lend to first-time buyers and first-time landlords through its BTL criteria and allows capital repayment, interest-only and part and part options with no minimum income requirements.
For holiday lets, up to 90 days of personal use is permitted, with a required letting period of 42 weeks and up to 75% loan to value (LTV).
Christopher Blewitt, head of mortgage distribution at Darlington Building Society, said: “Our aim with these new products is to give brokers more ways to meet the needs of their landlord clients, whether they’re looking for a short-term deal, a competitively priced remortgage, or something outside the usual criteria.
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“This is our first time offering a bespoke remortgage product in the BTL space, and the combination of rate and fee makes it a compelling choice especially on higher loan amounts. We know how valuable flat fees can be for brokers working with portfolio landlords or clients who need a simple and predictable pricing structure.
“Alongside our established criteria for expats, holiday lets and first-time landlords, these new products provide brokers with real choice and flexibility.”
Earlier this month, it was announced that the mutual’s CEO Andrew Craddock will step down next year.
Hinckley & Rugby cuts rates and amends criteria
Hinckley & Rugby for Intermediaries has reduced mortgage rates by as much as 0.35% across its entire range.
This will apply to more than 30 products and include options in its Income Flex range for borrowers with non-standard income, and Credit Flex for people with historical credit issues but a strong repayment track record.
Within the core residential range, two- and five-year fixed rates now start from 5.55% up to 90% LTV after cuts of up to 0.35%.
Its two- and five-year fixed retention rates have been reduced by as much as 0.16% and now start from 5.07% up to 90% LTV.
Its two- and five-year fixed Credit Flex mortgage rates have been lowered by up to 0.35% and start from 5.89% up to 80% LTV. Across its Income Flex range, two- and five-year fixed rates have been cut by up to 0.31% and start from 5.85% up to 90% LTV.
Its five-year fixed BTL retention rates have been cut by up to 0.1% and start at 5.39% up to 75% LTV.
Across the Hinckley & Rugby visa range, two- and five-year fixed rates have gone down by as much as 0.16% and start from 5.89% up to 90% LTV. Meanwhile, five-year fixed limited company product rates have been reduced by 0.06% and start at 5.79% up to 70% LTV.
Further, the mutual has removed the £199 application fee from core residential products following feedback from brokers.
The mutual has also made criteria changes to help support more cases, and will now accept retained profit on its Income Flex range to support limited company directors.
The mutual has also expanded repayment vehicles for interest-only mortgages to include pension lump sums and stocks and shares ISAs.
Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “We’ve listened closely to what brokers have been telling us, and these changes are a direct result of that feedback. The application fee on our core range has consistently been raised as a barrier, so we’ve removed it. At the same time, we’ve cut rates across more than 30 products and introduced practical criteria enhancements that reflect the real-life cases brokers are dealing with.
“Whether it’s using retained profit, supporting later life borrowers, or increasing flexibility on interest-only lending, we’re committed to making it easier for brokers to place business. These changes aren’t just about pricing, they’re about being more accessible and responsive to the needs of the intermediary market.”
