Back on Track 2 Year Variable Rate Remortgage

Available for loans up to 80% of the purchase price or valuation of the property, whichever is lower, and 75% for mortgages available in conjunction with the Government's Help to Buy scheme.

Please note for Help to Buy applications: the monthly payment quoted for this mortgage does not include repayments towards the equity loan. 

3.64% 4.89% 4.8% APRC 80%

Key Features

Variable rate

A variable rate, currently 3.64%, which is discounted by 1.25% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.8% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £199 (non-refundable) is payable with the application.
  • A valuation fee is payable for all properties worth £800,000 or more.

Early repayment charge

An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

What we Pay

  • The first valuation fee for properties worth less than £800,000
  • £100 cashback for NEU members upon completion.

Who can apply and more information

  • Available for home purchase and remortgage applications.

Representative Example:

A mortgage of £184,000.00 over 27 years initially on a discounted variable rate of 3.64% (equal to a 1.25% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £892.75 and 300 monthly payments of £1015.29.

The total amount payable would be £326,340.36 made up of the loan amount plus interest (£142,031.36) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.8% APRC representative.

Your home may be repossessed if you do not keep up repayments on your mortgage

Call us today on 0800 378 669

Arrange a callback
Sign up to our newsletter

Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please see above for full details.

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 443

EMAIL THESE MORTGAGE DETAILS

Interested in this mortgage? Enter your email address and we can send you all the product details.


Email me this product

Teachers Building Society
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
(Register no. 156580)
Calls are recorded for quality and training purposes.

© 2020 Teachers Building Society

cyber-essentials-colour