Teachers Building Society has launched a new range of
fixed and variable mortgages, including a fixed rate available for
loans up to 90% LTV.
The 2 year fixed rate mortgage starts at 3.99% (5.0%
APR) for loans up to 75% of the purchase price, rising to 4.49% (5.1%
APR) for loans up to 85% and 5.99% (5.4% APR) for loans up to 90%. 3 and
5 year deals are also available.
The 2 year discount mortgage starts at 3.74% (5.0%
APR) for loans up to 75% of the purchase price and 4.24% (5.1% APR) for
loans up to 85%. Again, 3 and 5 year deals are also available.
An arrangement fee of £799 is payable upon
application but all of these mortgages have a fee-free option, and are
aimed at helping teachers planning to buy their first home or moving.
Early Repayment Charges will apply during the fixed and discounted rate
Alan Gravett, head of sales & marketing, says “As
an organisation founded on the principle of helping teachers onto the
property ladder, we’re keen to ensure that we offer competitive
mortgages for this group of key workers who have only a small deposit.
We also support Government schemes such as HomeBuy Direct for those
teachers who need a home buying solution without a deposit at all.”
Teachers Building Society is a direct operator and
the highly trained and friendly team of mortgage consultants guide first
time buyers through the whole home buying process. Allocating a named
contact, each case is assessed individually on its own merits.
The HomeBuy Direct scheme is available for applicants
with a total household income of £60,000 or less on specific new-build
developments. Teachers Building Society can provide a mortgage for up to
70% of the purchase price, so buyers who achieve the maximum 30% equity
loan from the government & developer may not need to provide a
deposit. A specific 3 year fixed rate mortgage is now available for this
scheme, with a rate currently 5.99% (5.5% APR). For more information
about HomeBuy Direct, contact Teachers or find your local HomeBuy Agent
by visiting www.direct.gov.uk.