Darlington Building Society has introduced a reversionary rate of 6.59% to its mortgage range.

The society says the new rate will help borrowers coming to the end of their incentive period and address affordability issues faced by first-time buyers (FTBs).

Mortgage products for new business and product switches will roll onto a lower reversionary rate for up to three years following the initial incentive period, instead of going straight onto its standard variable rate (SVR) (8.09%).

Darlington Building Society head of mortgages Chris Blewitt says: “As interest rates fluctuate, affordability models require review to ensure that they adequately reflect the market. Aspiring homeowners have felt the pinch in recent months, and it’s up to lenders to put measures into place to support all borrowers.”

“Our refreshed affordability criteria adds a layer of proportionality to the marketplace so that home movers can afford to take the next step, FTBs can sensibly afford to get onto the property ladder, and the wider housing market maintains crucial flexibility.”