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Teacher Exclusive, 2 Year Fixed Rate Remortgage

Available for loans up to 90% of the purchase price or valuation of the property, whichever is lower.
3.59% 4.89% 4.7% APRC 90%

Key Features

Fixed rate

A fixed rate of 3.59% for the first 2 years (fixed until 14/07/2024). 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 4.7% APRC.

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.
    • For remortgage applications, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. Shared Ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
    • £100 cashback upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for home purchase and remortgage applications.
    • At least one applicant must be a qualified teacher or lecturer.

    Representative Example:

    A mortgage of £197,194.00 over 29 years initially on a fixed rate of 3.59% (Ending on 14 July 2024) and then our Standard Variable Rate of 4.89% for the remaining term, would require 33 monthly payments of £912.67 and 315 monthly payments of £1047.25.

    The total amount payable would be £360,330.32 made up of the loan amount plus interest (£162,827.32) 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 4.7% APRC representative.

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

    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: 571


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