Teachers Building Society has launched a new 4.29% 3 Year Fixed Rate Shared Ownership Mortgage.
This mortgage, available to teachers and education professionals in England and Wales as well as residents of Dorset, Hampshire and Wiltshire, is available up to 95% LTV.
Andy Yates, Business Development Manager at Teachers Building Society, said: “The Shared Ownership scheme provides an affordable way for people to step onto the property ladder, especially first-time buyers in a market where house prices continue to rise and finances are squeezed.
“This new fixed rate mortgage is designed to meet the needs of buyers seeking the reassurance of fixed payments - this, along with our ability to lend up to 95% LTV of the share purchase and with no arrangement fee, provides an extra helping hand for those looking to purchase their own home via this scheme.”
Shared Ownership 3 Year Fixed Rate:
- 3 Year Fixed Rate of 4.29% then changing to our SVR, which currently stands at 4.74%, for the remainder of term
- No arrangement fee and £99 application fee
- Overall cost for comparison is 4.7% APRC*see below for representative example
- Available for loans up to 95% Loan-to-Value
- Available for purchase and remortgage
To find out more about the range of mortgages available at Teachers Building Society, call 0800 378 669 or visit the website: www.teachersbs.co.uk
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.
* Representative Example:
A mortgage of £150,000 over 26 years initially on an fixed rate of 4.29% for 3 years and then our standard variable rate of 4.74% for the remaining 23 years, would require 37 monthly payments of £798.51 and 275 monthly payments of £831.22.
The total amount payable would be £258,869.51 made up of the loan amount plus interest (£108,148.01) with a funds transfer fee of £25, mortgage application fee of £99, basic valuation fee of £395, legal fees of £117.50 and a mortgage exit fee of £85.
The overall cost for comparison is 4.7% APRC representative.