Darlington Building Society has brought out a new high-LTV product that is open to borrowers across the North East and Yorkshire who are either first-time buyers or ready to move to a new property.

The specific postcodes the product is open to are: DL, TS, DH, YO, SR, and HG.

It consists of a three-year fixed rate at 3.39 per cent and comes with a product fee of £999 and completion fee of £120. Additionally, the lender will also pay up to £300 towards the valuation fee.

Early repayment charges start at 4 per cent and progressively reduce to 2 per cent before 30 November 2023.

It is available for repayment only and at a maximum loan size of £350,000.

Darlington Building Society chief customer officer Darren Ditchburn says: “There has been a lack of low deposit mortgages available both nationally and locally for a number of months because banks and building societies have withdrawn from the higher LTV markets due to the Covid-19 crisis which has affected us all.

“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.

“Unlike some other products being introduced to the market, this will not be limited to first-time buyers.

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