Teachers BS cuts 2-year fix and discount rates
And its 95% LTV 5.79% product has been changed to a 2-year discounted variable rate rather than 3-year term.
Colin Dorman, national account manager at Teachers Building Society, said: “Intermediaries will, I’m sure, be delighted to see such a big reduction in our fixed rate product which their clients are not able to access directly.
“Our remortgage option also offers great value at 2.19% as well as helping to keep the cost of remortgaging down. For brokers that haven’t submitted cases to us before we underwrite on a case by case basis and do not use credit scoring.”
Martyn Smith, head of mortgage products at Legal & General Mortgage Club, said: “Regional lenders continue to play an important role in the mortgage market and these significant rate reductions by Teachers BS show a high degree of intent in terms of its lending ambition. The recent widening of its lending area outside of the education profession will also increase the opportunity for brokers to talk to their customers about Teachers BS excellent range of products.”
Sally Laker, managing director of Mortgage Intelligence, said: “Competitive rates coupled with a flexible approach to underwriting is an attractive proposition to our brokers. The recent inclusion of new postcode areas for non-teachers continues to demonstrate Teachers forward thinking in-line with the increase in mortgage lending.”