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TBS lowers rates for mortgages up to 90%

Oct 25, 2011

Teachers Building Society has launched new 3 year discounted variable rate mortgages available for loans up to 90% Loan-to-Value.

The deals are available to first-time buyers as well as people looking to remortgage or move home. The Dorset-based mutual specialises in mortgages for teachers and education professionals, though all customers in its local BH & DT postcode areas are also eligible to apply.

Teachers announced last week that all of its discounted variable rate mortgages have a flexible, ‘no lock-in’ feature meaning that customers will not incur Early Repayment Charges if the Society’s Standard Variable rate exceeds a Bank of England Base Rate increase and they choose to move to another product or provider.

Alan Gravett, Head of Sales & Marketing at Teachers Building Society, said: "Our purpose is to help teachers and local people onto the property ladder and our new, lower mortgage rates for people with a 10% deposit are intended to do just that. We believe they offer good value, particularly with the reassurance provided by the no lock-in feature.”

Product details:

  • 3 year discounted variable rate deal now 3.99%
  • Then switching to our Standard Variable Rate currently 4.99%
  • Overall cost for comparison is 4.9% APR
  • Product arrangement fee of £799
  • Early repayment charges apply during the discounted rate period but will be waived if the Society raises its Standard Variable Rate by more than the increase in the Bank of England Base Rate
  • Maximum 90% Loan to Value ratio
  • A valuation fee is payable

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

A no-fee version of the product is available with a 3 year discounted variable rate of 4.29%, overall cost for comparison 5.0% APR.

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