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Mortgage Help for First Time Buyer Teachers

Sep 20, 2010

With only 5.4% of mortgage offers made in June going to first-time buyers*, Teachers Building Society has launched a range of products to help this beleaguered group of aspiring home owners.

A specific 3 year fixed rate mortgage for the popular equity loan scheme HomeBuy Direct has been launched; currently 5.99%, 5.5% APR and available for up to 70% of the purchase price. If the maximum 30% equity loan is achieved, applicants may not need to provide any deposit. An arrangement fee of £799 is payable upon application and at least one applicant must be a teacher. Early Repayment Charges will apply during the fixed rate period.

In addition, the Society’s 2 year fixed rate mortgage range is now available for buyers with just a 10% deposit, with the rate for this level of deposit at 5.99%,  5.4% APR. Support for the NewBuild HomeBuy shared ownership scheme continues, with a 3 year fixed rate product at 6.99%, 5.9% APR.

Alan Gravett, head of sales & marketing, says “As an organisation founded on the principle of helping teachers onto the property ladder, we support Government schemes such as HomeBuy Direct to help people working in education who need a home buying solution without providing a deposit. We are also offering competitive mortgages at 90% loan to value.”

Teachers Building Society is a direct operator and the highly trained and friendly team of mortgage consultants guide first time buyers through the whole home buying process. Allocating a named contact, each case is assessed individually on its own merits.

For more information about HomeBuy Direct, contact us or find your local HomeBuy Agent by visiting www.homesandcommunities.co.uk.