With the average price of a house in Dorset soaring 11% above the national figure and reaching 10 times the average UK salary*, Wimborne based Teachers Building Society has moved to help local people onto the housing ladder by offering 90% mortgages.
The offer from the society, which only lends to education professionals and Dorset residents, is a response to the yawning gap between incomes and house prices.
The average house price in Dorset has reached £268,601, more than £30,000 higher than the UK average and far out of reach for many local people earning the average wage of £26,200.
But the dream of owning their own home is an important step closer to being a reality after Teachers moved to lower the financial barrier to Dorset residents buying their own property.
A three-year fixed rate deal is available now with a rate of 4.69% on mortgages of up to 90% loan to value. A two year discounted variable rate deal is also available, with a rate of 4.49%. Both of these products have an arrangement fee of £899 and an application fee of £99.
Alan Gravett, Head of Sales & Marketing at Teachers Building Society, said: “It is really tough for people in a county like Dorset where house prices are outstripping earnings like never before.
“We are deeply committed to helping first time buyers and hopefully this offer means many more young people in Dorset will be able to step onto the housing ladder in the coming months.”
To find out more about the range of mortgages on offer from Teachers, contact 0800 378669
1. Property values: data from Land Registry of England & Wales, July-Sep 2012
2. Average salaries: data from Office for National Statistics for year ended April 2012
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE