DARLINGTON
On hand – Darlington Building Society ’ s mortgage advisors are ready to answer your questions .
Home ownership with a human touch at Darlington Building Society
For 168 years , Darlington Building Society has been a trusted name for savings and mortgages .
Never afraid to innovate , it helps its members save for the future and realise their home ownership dreams .
With nine branches across the North-East of England , the society provides savings accounts and mortgages for people up and down the country .
Being a mutual , there are no corporate shareholders , so profits are reinvested as competitive mortgage and savings rates for its members .
Darlington Building Society paid on average a rate that was 0.84 per cent higher than the market average ( 3.31 per cent vs . 2.47 per cent ) in 2023 , meaning over the course of 2023 its savers were £ 6m better off than if they had accounts paying the market average rate offered by the largest banks .
Community is also key to the society , with five per cent of profits after tax donated to local good causes . Last year , £ 158,000 was shared between 41 good causes .
HOME OWNERSHIP JOURNEYS OF ALL SHAPES AND SIZES
Darlington ’ s purpose has remained the same since 1856 : to improve the lives of its members and communities through supporting home ownership and encouraging saving .
It serves a significant portion of the mortgage market , and as distribution director Louise Thorpe explains , combining the personal touch while embracing new technology is key .
Distribution director Louise Thorpe updates members at the 2024 Darlington Building Society AGM .
MUTUAL
TRUST
Louise says : “ When it comes to lending , we look at each person ’ s needs and understand their journey – the computer doesn ’ t say yes or no , it ’ s a human .
“ We ’ re starting to combine automation with manual underwriting , so where we ’ re able to allow things to go through automatically , there ' s an option for that .
“ But our personal approach is one of our big strengths and is especially useful in non-standard circumstances , particularly complex income or properties .
“ Manual underwriting ensures we take a personal view . It ’ s not just a computer , it ’ s tailored individually – we ' ll work with the customer responsibly to ensure the mortgage is right for them .”
HERE FOR FIRST TIME BUYERS A key part of supporting home ownership is helping first-time buyers to take that all-important first step onto the property ladder .
The society supports government initiatives such as the First Homes scheme , where aspiring homeowners can buy a new build home for 30-50 per cent less than market value .
Furthermore , Darlington was the first lender to offer mortgages under the Own New scheme , where a five per cent deposit can be put down , offering a route to owning a newbuild home for buyers with low deposits .
For skilled workers coming from abroad , Darlington Building Society helps them to put down roots with skilled worker visa mortgages .
There ' s also mortgages for young professionals where newly-qualified professionals can borrow up to six times their salary ( the industry standard is 4.5x ) – opening up their property opportunities .
Parents and grandparents can help the younger generation onto the property ladder with a joint borrower , sole proprietor mortgages , where a mortgage is in joint names but a borrower can choose not to be named on the deeds .
All of this adds up to a lender that ’ s committed to helping people achieve home ownership , and into the home of their dreams – even in complex circumstances .
It ’ s little wonder that Darlington Building Society has been named the Best Building Society in the UK by both industry and consumers in 2024 .*
FACE-TO-FACE In a recent survey by the society , only two per cent of those asked said they would take their advice from a chatbot but over 46 per cent said they ’ d want to sit down with an expert and have a face-to-face appointment .
“ Buying a house is one of the biggest financial commitments somebody makes ,” says Louise .
“ But while we use automation where appropriate , we will never lose sight of the personal touch – we don ' t want algorithms to dictate our decisions .”
Book a free session with a Darlington Building Society mortgage advisor at darlington . co . uk / mortgages / speak-to-a-mortgage-advisor
* Building Society of the Year , MoneyAge Mortgage Awards 2024 / Best Building Society , SmartMoneyPeople Awards 2024
21