Teachers Building Society has widened the availability of its Shared Ownership mortgage - making it available for remortgage as well as home purchase.
This change makes Teachers one of a few lenders able to offer this product on a remortgage basis, and is available for people with an existing Shared Ownership mortgage, many of whom are coming to the end of a discounted deal.
James Bawa, chief executive of Teachers Building Society, said: “Making this mortgage available for remortgage is all part of our commitment to supporting affordable home ownership schemes. At Teachers 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. It is competitively priced and available for up to 95% of the share owned.”
Shared Ownership Mortgage
- Available for home purchase and remortgage
- Discounted variable rate of 4.25% for the first three years. It then changes to our standard variable rate, currently 4.99%, for the remainder of the term
- Overall cost for comparison is 5.0% APR
- Available for loans up to 95% LTV
- No arrangement fee and £99 application fee
- Early Repayment Charge (ERC) applicable
- Remortgage package includes free valuation fee and £250 toward legal fees
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.