No Deposit FirstBuy Mortgage from Teachers Building Society

August 05, 2011

Teachers Building Society has launched a 3 year Fixed Rate mortgage product to support the Government’s new FirstBuy equity loan scheme.

The mortgage is for up to 80% Loan-to-Value, so eligible buyers who achieve the maximum 20% equity loan may not need a deposit to apply.

FirstBuy aims to help over 10,000 aspiring homeowners to purchase their first home over the next 2 years. Developments all over England have been given the green light and the first completions are expected in September 2011.

Alan Gravett, head of sales and marketing at Teachers Building Society, says “We have a history of supporting the Government’s affordable home buying initiatives and we expect that the FirstBuy scheme will prove to be an ideal solution for many looking to take that vital first step on the property ladder. Once again, we’re providing a mortgage to support a HomeBuy equity loan scheme to help those buyers who have not been able to save a meaningful deposit for a first home. We will be welcoming applications from teachers and education professionals and also anyone living in our local BH or DT postal areas.”

Product details:

3 year Fixed Rate deal 5.79%
Then switching to our Standard Variable Rate currently 4.99% for the remaining term of the mortgage
Overall cost for comparison is 5.4% APR
Product arrangement fee of £799
Early repayment charges apply during the fixed rate period
Maximum 80% Loan to Value ratio
A valuation fee is payable

Your home may be repossessed if you do not keep up repayments on your mortgage

To find out more about our FirstBuy products, please click here.

For more information about the FirstBuy scheme and to find your local HomeBuy agent, visit homesandcommunities.co.uk.