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.