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New Mortgage Products Launched for up to 90% LTV with Fee-Free Option

Sep 24, 2010

Teachers Building Society has launched a new range of fixed and variable mortgages, including a fixed rate available for loans up to 90% LTV.

The 2 year fixed rate mortgage starts at 3.99% (5.0% APR) for loans up to 75% of the purchase price, rising to 4.49% (5.1% APR) for loans up to 85% and 5.99% (5.4% APR) for loans up to 90%. 3 and 5 year deals are also available.

The 2 year discount mortgage starts at 3.74% (5.0% APR) for loans up to 75% of the purchase price and 4.24% (5.1% APR) for loans up to 85%. Again, 3 and 5 year deals are also available.

An arrangement fee of £799 is payable upon application but all of these mortgages have a fee-free option, and are aimed at helping teachers planning to buy their first home or moving. Early Repayment Charges will apply during the fixed and discounted rate period.

Alan Gravett, head of sales & marketing, says “As an organisation founded on the principle of helping teachers onto the property ladder, we’re keen to ensure that we offer competitive mortgages for this group of key workers who have only a small deposit. We also support Government schemes such as HomeBuy Direct for those teachers who need a home buying solution without a deposit at all.”

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.

The HomeBuy Direct scheme is available for applicants with a total household income of £60,000 or less on specific new-build developments. Teachers Building Society can provide a mortgage for up to 70% of the purchase price, so buyers who achieve the maximum 30% equity loan from the government & developer may not need to provide a deposit. A specific 3 year fixed rate mortgage is now available for this scheme, with a rate currently 5.99% (5.5% APR). For more information about HomeBuy Direct, contact Teachers or find your local HomeBuy Agent by visiting www.direct.gov.uk.