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Teachers Building Society launches new 4.49% FirstBuy mortgage



Oct 27, 2011

Teachers Building Society has launched a new 4.49% 3 year discounted variable rate mortgage for the FirstBuy equity loan scheme.

The product is for loans up to 80% Loan-to-Value, so if the maximum equity loan of 20% is achieved through the scheme, buyers may not need to provide any deposit.

The Society has also launched a new fixed rate product for loans up to 75% Loan-to-Value for the FirstBuy scheme, for buyers with a 5% deposit.

Alan Gravett, head of sales and marketing at Teachers Building Society says, “These new lower rates for FirstBuy mortgages are aimed at helping first-time buyers to purchase their own homes. We are constantly reviewing our product range to ensure that the rates we offer both borrowers and savers are as competitive as possible. Teachers Building Society remains the only lender providing a no-deposit option for the FirstBuy scheme, which demonstrates our commitment to supporting affordable home ownership.”

FirstBuy product details:

3 year discounted variable rate deal now 4.49%

  • Then switching to our Standard Variable Rate currently 4.99% for the rest of the term
  • Overall cost for comparison is 5.1% APR
  • Product arrangement fee of £799
  • Early repayment charges apply during the discounted rate period but will be waived if the Society increases its Standard Variable Rate over and above any Bank of England base rate increase
  • Maximum 80% Loan to Value ratio
  • A valuation fee is payable 

3 year fixed rate deal now 4.59%

  • Then switching to our Standard Variable Rate currently 4.99%
  • Overall cost for comparison is 5.1% APR
  • Product arrangement fee of £799
  • Early repayment charges apply during the fixed rate period
  • Maximum 75% Loan to Value ratio
  • A valuation fee is payable

YOUR HOME 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.

 

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