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Teacher Exclusive, 2 Year Variable Rate Remortgage

Available for loans up to 80% of the valuation of the property.
1.85% 5.24% 4.9% APRC 80%

Key Features

Variable rate

A variable rate, currently ​​1.85%, which is discounted by ​3.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.9% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £99 (non-refundable) is payable with the application.
  • A mortgage arrangement fee of £999 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
  • 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 only.
  • At least one applicant must be a qualified teacher or lecturer.

Representative Example:

A mortgage of £157,000 over 29 years initially on a discounted variable rate of ​1.85% (equal to a ​3.39% discount off our SVR) for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £​583.28 and 324 monthly payments of £858.21.

The total amount payable would be £​293,392.23 made up of the loan amount plus interest (£135,091.73) with a funds transfer fee of £25, mortgage application fee of £99, mortgage arrangement fee of £​999, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 4.9% APRC representative.

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

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

Product Reference: 391


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