Darlington Building Society and Tees Valley Housing have joined forces to provide a 95% mortgage on homes at the £14 million Woodland View scheme in Darlington.
The mortgage is open to all purchasers and not just first-time buyers. It is is available for up to 95% loan to value and is discounted from the Darlington’s standard variable rate until 31 August 2014.
The initial pay rate is 3.99%, and there are no property valuation fees, product fees or completion fees.
The organisations say 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 first time it has been offered in Darlington by Tees Valley Housing. Also on offer is shared ownership.
The scheme has been built with the help of £4 million 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.”