Teachers Building Society has launched a new 2 Year 3.99% discounted variable rate Buy-to-Let mortgage.
The product includes a new flexible, ‘no lock-in’ feature to shield borrowers from any rises in its Standard Variable Rate (SVR) that are more than the increase in the Bank of England base rate. The Buy-to-Let mortgage is available to teachers nationwide as well as everyone in the Society’s local BH and DT postcode areas.
Alan Gravett, Head of Sales & Marketing at Teachers Building Society, said: "We strive to offer the best rates we possibly can to borrowers and savers and this new Buy-to-Let deal offers good value to landlords. We have also improved our affordability calculation for Buy-to-Let mortgages to 130% coverage at 6% following feedback from customers and intermediaries.”
Buy-to-Let product details:
- Variable rate is discounted by 1.75% for the first two years then changing to our Buy-to-Let standard variable rate which is currently 5.74% and remaining on our variable rate terms for the rest of the mortgage.
- Arrangement fee of £1,499 is payable with the application
- An Early Repayment Charge of 5% will be applied during the first two years but will be waived if the Society exceeds any Bank of England Base Rate increase
- Maximum 75% Loan to Value ratio
- Overall cost for comparison is 5.8% APR
- A valuation fee is payable.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Teachers Building Society was named ‘Best Local Building Society’ at the 2011 What Mortgage Awards and is proud of its reputation for providing a truly personal service.