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Teacher Exclusive, 2 Year Variable Rate Remortgage

Available for loans up to 80% of the purchase price or valuation of the property, whichever is lower.
2.39% 4.89% 4.6% APRC 80%

Key Features

Variable rate

A variable rate, currently 2.39%, which is discounted by 2.50% 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 4.6% 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
  • 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 for NEU members upon completion.

Who can apply and more information

  • Available for remortgage applications.
  • At least one applicant must be a qualified teacher or lecturer.
  • Representative Example:

    A mortgage of £184,000.00 over 27 years initially on a discounted variable rate of 2.39% (equal to a 2.50% 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 £771.25 and 300 monthly payments of £1006.11.

    The total amount payable would be £320,664.04 made up of the loan amount plus interest (£136,355.04) 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 4.6% 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: 448


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