Darlington Building Society is one of the top building societies in the UK and offers a range of mortgage and investment products. The society principally serves Country Durham, North Yorkshire and Tees Valley. Darlington Building Society is a mutual organization and doesn’t have any outside shareholders.
Hence, the society can use its profits enhancing the capital strength of the society and also provide protection for the members’ funds. The Darlington Building Society has chosen to be so in the future also ensuring benefits for the members of the society. The society focuses on the organization of the community and also looks after the interests of the local people.
It also supports local sport, local charities and local arts apart from giving mortgage and home loan solutions.Darlington Building Society is regulated by the Financial Services Authority and is a member of the Building Societies’ Association.
The Home Insurance by Darlington is managed by Health Lambert Group, a member of the General Insurance Standards Council. A member of the Association of British Insurers, Groupama Insurance Company Limited is the insurer of the Darlington Mortgage Payment Protection.
It is regulated and authorized by Financial Services Authority of the UK .
The Darlington Investment Planning Limited is a subsidiary of the Darlington Building Society and is authorized by the Financial Services Authority of the UK. All the products and services offered by Darlington Building Society is availed by UK residents only and are subject to be modified or withdrawn ay any time without notice and are also subject to some changes. The mortgages offered by Darlington Building Society deals with the property that are only in England, Wales or in Scotland. There are special conditions related to each mortgage type offered by the Darlington Building Society and are also governed by the rules of the society. The mortgages are generally given to those clients who are planning to buy the property in order to live there and the property becomes a security for the loan taken by any borrower.
The basic types of mortgages that are offered by the Darlington Building Society are Fixed Rate Mortgage, Discount Mortgage, Cashback Mortgage and Standard Variable Rate Mortgage. The fixed rate mortgage allows the borrowers to plan their finances knowing that the rate of mortgage will not change for a fixed time period. At the end of the fixed time period, the mortgage plan automatically turns to standard variable rate mortgage. The discount rate mortgage gives the borrowers a privilege of reduction from current standard variable rate for a set period. During the discount-rate period the borrower doesn’t have to pay full standard variable rate of interest but after the discount rate period is over, the mortgage becomes a standard variable rate mortgage. In cashback mortgage, the borrower gets an amount back based on the percentage of the mortgages. In this plan, the repayment increases or decreases according to the rise and fall of standard variable rate. In standard variable rate mortgage, the borrower has to pay according to the changes in the mortgage rate.
Last Updated on : 24th August 2013