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, and 90% 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.
3.99% 5.29% 4.9% APRC 95%

Key Features

Fixed rate

A fixed rate of 3.99% for the first 5 years (fixed until 14/05/2027). It then changes to our Standard Variable Rate, which is 5.29% and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.9% 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.
  • £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 applications only.
  • Available to teachers only.

Representative Example:

A mortgage of £204,590.00 over 30 years initially on a fixed rate of 3.99% (Ending on 14 May 2027) and then our Standard Variable Rate of 5.29% for the remaining term, would require 61 monthly payments of £975.56 and 299 monthly payments of £1109.52.

The total amount payable would be £391,587.08 made up of the loan amount plus interest (£186,688.08) 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 4.9% APRC representative.
 

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

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Please note: the representative example is for a house purchase only.

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: 590

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