Teachers Building Society has widened the availability of its Help to Buy mortgage - making it available for remortgage as well as home purchase.
These changes make Teachers one of a few lenders able to offer this product on a remortgage basis. It is available for people with an existing Help to Buy mortgage, many of whom are coming to the end of a two-year discounted deal.
James Bawa, chief executive of Teachers Building Society, said: “At Teachers Building Society, we’re committed to supporting affordable home ownership schemes and we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage.”
Jeremy Duncome, Director of L & G Mortgage Club, said: “Remortgage customers can often be overlooked in these product areas, leaving them on higher rates, so it’s refreshing to see Teachers BS create products to cater for this underserved market.”
Sally Laker, Managing Director of Mortgage Intelligence says: “Teachers Building Society’s expansion to their product range shows their commitment to the first time buyer market. In addition offering a remortgage product for Help to Buy customers provides opportunities in a currently limited market. Teachers’ flexible criteria, especially around employment contracts, make them a go-to lender for those in the teaching profession.”
Gemma Harle, managing director of TenetLime, said: “This is an innovative and welcome move from Teachers and helps address the issue of limited options for consumers after the initial benefit period expires.”
Help to Buy Mortgage
- Available for home purchase and remortgage
- Discounted variable rate of 2.44% for the first two years. It then changes to our standard variable rate, currently 4.99%, for the remainder of the term
- Overall cost for comparison is 4.8% APR
- Available for loans up to 75% LTV
- £899 arrangement fee and £99 application fee
- Early Repayment Charge (ERC) applicable
- Remortgage package includes free valuation and £250 towards legal costs
Teachers Building Society provides mortgages to teachers and other education professionals across England and Wales as well as individuals of any profession looking to purchase or remortgage in Dorset, Hampshire or Wiltshire. All applications are assessed on an individual basis through bespoke underwriting without automated credit scoring.