Teachers Building Society (www.teachersbs.co.uk) has launched a new 100% Buy-to-Let mortgage designed to help parents purchase a home for their son or daughter attending university without the need to re-mortgage their own home to fund the deposit. Available for parents of students in Higher Education throughout England and Wales, the mortgage is offered at a 1.10% discount off our variable rate for the first three years changing to the Society’s standard variable rate for the rest of the term.
With the help of Teachers Building Society, parents can purchase a second home within 10 miles of the university to rent out to their student son or daughter and a maximum of three other friends on an assured short-hold tenancy. This option will save parents and students throwing money away on poor quality rental accommodation and give them the opportunity to invest for the future.
The Society will lend up to 100% of the purchase price or valuation of the rental property, which ever is lower subject to a maximum of £250,000. The mortgage must be in the name of the parents or guardian, one of which must be a teacher or education professional.
Mike Hislop, Marketing Manager at Teachers Building Society, commented: “We are offering this mortgage following feedback from teachers who wanted an easier and more stress-free way to purchase a home for their child whilst they were away studying. As a specialist provider of mortgages to education professionals, it is important for us to continue introducing new ways to support them in investing in their family’s future.”
The Society meets the needs of teachers in a way that no other lender could match. Supply teachers and short term contracts are all taken into account. They understand pay-scales and how an NQT’s salary will increase at a steady rate through their career. The Society is prepared to base mortgage lending to teachers on their lifestyle and other saving and spending factors – not on salary multiples, thus enabling more teachers to get a firm footing on the property ladder.
