The Teachers Building Society has launched two new deals and lowered the rate on its Help to Buy product.
The new buy-to-let deal has no arrangement, valuation or legal fees; only a £99 application fee is payable. A 3.49% two-year discounted variable rate, the deal is available for remortgages only and for loans up to 75% LTV.
The mutual has also launched a new No Early Repayment Charge (ERC) deal, available via intermediaries only. Also a two-year discounted variable rate, the product is available for loans up to 85% LTV.
Meanwhile, the rate for the Help to Buy mortgage from Teachers, in support of the equity loan scheme, has been reduced to 2.44% and is available for loans up to 75% LTV. Both the No ERC and Help to Buy deals are subject to an arrangement fee of £899, application fee of £99 and valuation and legal fees are payable.
Colin Dorman, national account manager at Teachers Building Society, said: “These new products offer great value and I’m confident that the Buy-to-Let deal for remortgages will be particularly appealing as it helps to keep the cost of remortgaging down.
“Intermediaries will, I’m sure, be equally impressed with our new No ERC deal for higher LTV cases, which is available on a semi-exclusive basis via our two network partners, Legal & General Mortgage Club and Mortgage Intelligence/Next, only.”
Mortgages from Teachers Building Society are available to teachers and education professionals anywhere in England, Scotland &Wales as well as people of all occupations purchasing or remortgaging in the counties of Dorset, Hampshire & Wiltshire. The Society recently announced improvements to its lending criteria, which include a lower minimum income requirement of £13,000 and extending availability of its 95% LTV deal to Newly Qualified Teachers on a fixed term contract.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “We are delighted to support the launch of these competitive products via our semi exclusive relationship with Teachers BS.
“Covering buy-to-let, Help to Buy, purchase and remortgage, there is a wide range for brokers to choose from for clients that qualify for these products.”
