Flexible Features
At Teachers, we try to make things as easy as possible for you.
That's why we've added on these flexible features to all of our Fixed
and Variable Rate mortgages.
For more information, please call our mortgage consultants on
0800 378669 or click here to send us an email!
Flexible Mortgage Features
Overpayments
- All repayments are applied to the mortgage account on the date of receipt by the Society.
- Overpayments are those in excess of the contractual repayment.
- Overpayments can only be made by cheque or standing order.
- Contractual repayments are recalculated at the next interest rate change.
- Overpayments will be subject to Early Repayment Charges.
Payment holidays
- Where a credit balance has been built up by overpayments a payment holiday equivalent to the total credit balance may be taken.
- The payment holiday must not exceed six months.
Payment holiday restrictions
Payment holidays are subject to the following additional restrictions:-
- An initial 6 month qualifying period.
- Monthly insurance repayments are excluded from payment holidays and must be paid when they fall due.
- Account must have been maintained on a basis satisfactory to the Society.
- No more than 6 months worth of payment holidays allowed in each calendar year.
Standard conditions
The following standard conditions apply before any of the flexible options can be utilised:-
- All contractual repayments to be made by Direct Debit.
- Other than overpayments, you must obtain the Society's permission to
use any of the flexible features, which we are not obliged to give.
- A repayment holiday can only be taken following a minimum period of six months has elapsed since the mortgage was taken out.
The Society reserves the right to :-
- Withdraw any discount should your Flexible Mortgage account fall into arrears.
- Withdraw the Flexible Mortgage features if any of the conditions or
terms applicable to the product are broken. The features may be
reinstated at the discretion of the Society.
- Cancel/refuse permission to use any of the Flexible Mortgage features without prior warning.
- Refuse permission to use the Flexible Mortgage features if the borrower's financial circumstances change.
Charges
- No charge will be made for normal use of the Flexible Mortgage
features. The Society's standard charges will however apply for all
other services.