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Teacher Exclusive, 5 Year Fixed Rate Mortgage

Available for loans up to 95% of the purchase price or valuation of the property, whichever is lower.
4.64% 5.24% 5.1% APRC 95%

Key Features

Fixed rate

A fixed rate of ​4.64% for the first 5 years (fixed until 14/​​02/2024). 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 ​5.1% APRC.

What you Pay

  • Daily interest.
  • An application fee of £99 (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 only.
  • Available to teachers only.

Representative Example:

A mortgage of £157,000 over 29 years initially on a fixed rate of 4.64% (ending on 14th ​February 202​4) and then our Standard Variable Rate of 5.24% for the remaining term, would require ​60 monthly payments of £​821.54 and 288 monthly payments of £867.98.

The total amount payable would be £299,​677.18 made up of the loan amount plus interest (£142,372.68) with an application fee of £99, a funds transfer fee of £25, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.1% 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: 390


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