The three-year fixed rate mortgage, which has interest starting at 3.39%, is aimed at first and second-time buyers living in the society’s postcode areas across the North East and North Yorkshire.

Customers eligible must be purchasing a home in locations with postcodes beginning DL, TS, DH, YO, SR and HG.

It has unveiled the mortgage following the chancellor Rishi Sunak’s stamp duty announcement in the hope it will provide added stimulus for people in the region to pursue dreams to purchase their first or next home.

Darren Ditchburn, chief customer officer at Darlington Building Society, 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.”

He added: “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 Ditchburn. “It will be made available to second-time buyers too because that will help get the property market moving in the right direction.”

The product is available direct from the building society and via brokers.