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New 1.79% deal and a simplified product range at Teachers Building Society

May 16, 2014

Teachers’ Building Society has lowered the rate on its discounted variable rate deal for loans up to 60% Loan-to-Value (LTV) to 1.79%. The Society also recently lowered the rates on most mortgage deals for up to 85% LTV and has simplified its product range, with separate deals for home purchase only and remortgage cases. This simplification is aimed at making it easier for intermediaries in the post-MMR world.
2 and 3 year variable rate deals for have been reduced as follows:
 

2 year deal for home purchase

  • 1.79% discounted variable rate
  • £1499 arrangement fee and £99 application fee
  • Available for loans up to 60% LTV

2 year deal for home purchase

  • 2.79% discounted variable rate
  • £899 arrangement fee and £99 application fee
  • Available for loans up to 85% LTV

3 year deal for home purchase

  • 2.89% discounted variable rate
  • £899 arrangement fee and £99 application fee
  • Available for loans up to 85% LTV

3 year fee free deal for remortgages only



  • 3.09% discounted variable rate
  • No arrangement or application fees and refunded valuation fee
  • Free legal fees if using our appointed solicitor (England & Wales only)
  • Available for loans up to 85% LTV

Colin Dorman, National Account Manager at Teachers’ Building Society, said: "We’ve been working hard to ensure that we’re providing the best rates we possibly can and an uncomplicated product range. I’m confident that intermediaries will find it easier to navigate our range now that we’ve separated the majority of deals available for home purchase from those available for remortgages. For brokers that haven’t submitted cases to us before, we underwrite on a case by case basis and do not use credit scoring.”

Teachers’ Building Society also has two competitive No Early Repayment Charges (No ERC) deals available: a 2.19% discounted variable rate for loans up to 75% LTV and 2.89% discounted variable rate for loans up to 85% LTV. These deals are available for both home purchase and remortgage cases, and an £899 arrangement fee and £99 application fee applies to both.

Mortgages from Teachers’ Building Society are available to teachers and education professionals in England, Scotland &Wales as well as applicants of any occupation  purchasing or remortgaging in Dorset, Hampshire and Wiltshire. Teachers on temporary or fixed term contracts can also be considered where the second applicant is permanently employed. Newly qualified teachers on one year contracts are also eligible to apply.

To find out more about the range of mortgages available at Teachers’ Building Society, call the broker support team on 0800 378 669 or visit the product pages.