The Teachers Building Society has increased the maximum LTV on its interest-only mortgage option to 60%.
As well as whole interest only mortgages at 60% LTV, Teachers Building Society continue to offer part & part mortgages.
Whole Interest Only Mortgages:
- Available up to 60% LTV
- Customers have access to full range of products
- Not accepted for first-time buyers
Part & Part Interest Only Mortgages:
- Maximum 75% LTV where lending over 60% is on a capital and repayment basis
- Customers have access to full range of products
- Not accepted for first-time buyers
Andy Yates, business development manager at the Teachers, said: “For some customers, interest only mortgages are the best option where plausible repayment plans are in place. We have increased this LTV and widened our criteria after listening to feedback from intermediaries about the need for interest only mortgage options.
“We are delighted to be able to roll the LTV increase along with other criteria updates to everyone this month.”
