The Teachers’ Building Society has launched two new mortgage products available through intermediaries only.
The deals are a 3.49% Lifetime Discounted Variable Rate (ie SVR less 1.50%) with no Early Repayment Charges and unlimited capital repayments allowed and a Complex Prime 3 Year Variable deal at 4.99%.
The product details are:
Lifetime Discounted Variable Rate
- Variable rate payable currently 3.49% (1.50% discount on the Standard Variable Rate, currently 4.99%)
- £899 arrangement and £99 application fees
- Available for loans up to 80% Loan to Value
- Available via intermediaries only
Complex Prime 3 Year Variable Rate
- 4.99% 3 year variable rate
- £899 arrangement fee and £99 application fee
- Available for loans up to 80% LTV
- Available via intermediaries only
- This product is not available on the Society’s online application process
Meanwhile, the Teachers’ has recently launched new products to support the affordable home ownership schemes Help to Buy Shared Ownership and Right to Buy.
Colin Dorman, national account manager at Teachers’ Building Society, said: “I think intermediaries will be pleased to see that we’ve launched Lifetime Discount and Complex Prime products, which demonstrate that we’re working hard to meet the range of circumstances that their clients find themselves in. Our Shared Ownership and Right to Buy products boost our options for first-time buyers, too. 100% of brokers who use us currently rate us as good or excellent, and we look at applications on a case by case basis through bespoke underwriting without credit scoring.”
To qualify for the Help to Buy Shared Ownership scheme, applicants cannot have a total household income in excess of £60,000 unless they live in London, where the maximum is £66,000 – £80,000 depending on the property size required. If you have a client interested in the scheme, their first port of call should be the regional Help to Buy agent (visit www.helptobuy.org.uk for contact details).
Right to Buy enables council tenants with at least 5 years’ tenancy to purchase their home at a significant discount from market value. Clients interested in the scheme should contact their local authority in the first instance.
All of these mortgages from Teachers’ Building Society are available to teachers and education professionals in England, Wales and mainland Scotland (except the Shared Ownership and Right to Buy deals which are England only) as well as applicants of any occupation purchasing in Dorset, Hampshire and Wiltshire. Teachers on temporary or fixed term contracts can also be considered where the second applicant is permanently employed. Newly qualified teachers on one year contracts are also eligible to apply.
