Teachers Building Society has increased its maximum lending age at end of term to 83 on all its standard* mortgages to help teachers with their mortgage needs if they are approaching or already in retirement.
The new maximum age limit, which is subject to a minimum mortgage term of 5 years, replaces the original maximum age of 70 on standard mortgages and the Teacher Later Years Mortgage.
Andy Yates, Business Development Manager at Teachers Building Society said, “We are committed to helping teachers move onto and along the property ladder. We already supported teachers with our Later Years Mortgage however by increasing this maximum age across all our standard mortgages we can now support teachers more fully with a wider range of products - right through their career: from newly qualified teachers – to those in retirement.”
With an increasing number of borrowers looking to secure a mortgage later in life, it’s important we provide products that meet their needs and now teachers have access to a wider range of mortgages right up to the age of 83 - which goes some way to achieving this.”
Teachers Building Society provides mortgages to teachers and education professionals in England and Wales and also to people of any profession in Dorset, Hampshire and Wiltshire.
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.
* Excluding Shared Ownership or specialist products such as the Supply Teacher Mortgage.”