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New Later Years Mortgage from Teachers Building Society

Feb 02, 2015

 Teachers Building Society has launched two Teacher Later Years Mortgage products aimed at teachers and education professionals approaching retirement or already retired.

The two mortgages, available both direct and via intermediaries, are available for education professionals up to the age of 83 (maximum age at time of application age 70) and form part of Teachers Building Society’s commitment to providing mortgages to cover the life cycle of teachers and education professionals.

The mortgage and remortgage products are available for teachers and retired teachers who are members of the Teachers’ Pension Scheme.

James Bawa, Chief Executive of Teachers Building Society said, “Teachers Building Society is committed to providing products that serve the needs of teachers including those whose mortgage term continues into their retirement and those already retired. In a mortgage market where many lenders are unwilling to lend to people into retirement we are pleased to be able to meet this increasing need.

The Society has carefully considered customer outcomes and based our decision to launch these mortgages on statistics, including Office for National Statistics data and research among teachers in England and Wales.

The Society has been providing mortgages to teachers and education professionals for nearly 50 years as well as local residents in Dorset, Hampshire and Wiltshire. It also provides savings accounts to anyone in the UK. The Society’s current product range includes deals for people remortgaging and moving home as well as first-time buyers.

**ENDS**

Teachers Building Society

  • Teachers Building Society was founded by the National Union of Teachers in 1966 and has been based in Wimborne, Dorset, since 1976.
  • Savings accounts are available to all customers.
  • Mortgages are available to people working in education in England and Wales and also to everyone in Dorset, Hampshire and Wiltshire.
  • Teachers’ Building Society was named ‘Best Local Building Society’ at the 2013, 2012 and 2011 What Mortgage Awards and also won ‘Excellence in Treating Customers Fairly’ at the Mortgage Finance Gazette Awards 2012.
  • Teachers’ Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration Number 156580.
  • Rates correct as at February 2015

Mortgage Notes:

Teacher Later Years Home Purchase Mortgage:

  • 2 year discounted variable rate of 3.99% then it changes to our standard variable rate (SVR) which currently stands at 4.99% for the remainder of the term.
  • The overall cost for comparison is 5.1% APR
  • Maximum  age at end of mortgage term of 83
  • Maximum age at time of application is 70
  • Maximum 75% LTV if not retired or 50% LTV if applicant is already retired
  • Minimum income £13,000 (from teachers’ pension scheme, if already retired)
  • £899 arrangement fee and £99 application fee
  • Valuation fee payable

Teacher Later Years Remortgage:

  • 2 year discounted variable rate of 4.32% then it changes to our standard variable rate (SVR) which currently stands at 4.99% for the remainder of the term
  • The overall cost for comparison is 5.1% APR
  • Maximum lending age at end of term of 83
  • Maximum age at time of application is 70
  • Maximum 75% LTV if not retired or 50% if applicant is already retired
  • Minimum income £13,000 (from teachers’ pension scheme, if already retired)
  • There is no arrangement fee, application fee or valuation fee payable. For standard remortgages, Legal fees are also paid when using our appointed solicitor (only available in England and Wales).

For more information visit Later Years Mortgages

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

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