95% mortgages offered on new development homes

Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance

Tees Valley Housing is working in partnership with Darlington Building Society to offer 95% mortgages at one of its new developments.

Homes at the Woodland View scheme in Darlington will be offered at the special rate in an attempt to help people who may be struggling to buy.

The mortgage, which is available for all purchasers rather than just being targeted at first time buyers, is available for up to 95% of the property value and is discounted from the Darlington Building Society’s standard variable rate until 31st August 2014.  

The initial pay rate is just 3.99%, there is no property valuation fee to pay and no product or completion fees.

The availability of the mortgage could eventually be extended to other schemes developed by Tees Valley Housing and Erimus Housing, two of the partners in Fabrick Housing Group.

Val Peacock, Darlington District Manager at Darlington Building Society, said: “Darlington Building Society is dedicated to looking after local interests and this includes doing whatever we can to help local people buy the home of their choice.

“Having visited the Woodland View site on a number of occasions I can confirm that the homes for sale are very appealing and in my view, very reasonably priced.  With the help of our exclusive mortgage, sales of the remaining homes should not take too long."

Although the Darlington Building Society mortgage is only available for outright sales, other options include the rent now, buy later scheme.

The scheme has been built with the help of £4m of funding from the Homes and Communities Agency.

Martin Hawthorne, Director of Development and Regeneration for Fabrick, the parent company of Tees Valley Housing, said: “The special Darlington Building Society mortgage is a great product and will really help people out there who are interested in living at Woodland View but may think they would not be able to afford it otherwise."