Teacher Exclusive, 2 Year Variable Rate Mortgage

Available for loans up to 90% of the purchase price or valuation of the property, whichever is lower, and 85% 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. 

3.39% 4.89% 4.7% APRC 90%

Key Features

Variable rate

A variable rate, currently 3.39%, which is discounted by 1.5% 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 4.7% 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 applications.
  • At least one applicant must be a qualified teacher or lecturer.

Representative Example:

A mortgage of £202,000.00 over 26 years initially on a discounted variable rate of 3.39% (equal to a 1.50% 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 £975.00 and 288 monthly payments of £1133.24.

The total amount payable would be £350,100.93 made up of the loan amount plus interest (£147,791.93) 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

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Please note: the example above 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: 523

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