Teachers cuts 95pc LTV rates
The new rates include a 4.39% 3-year fixed rate mortgage and a 3.89% 2-year variable rate mortgage – available to teachers in the England and Wales and those looking to purchase in a property in Dorset, Hampshire and Wiltshire.
James Bawa, chief executive of Teachers Building Society, said: “As a society set up by teachers to help teachers step onto the property ladder we are delighted to roll out a 95% LTV mortgage to all teachers across England and Wales and to lower our 90% LTV mortgage rates to teachers and residents in Dorset, Hampshire and Wiltshire.
“The great news is that the 95% LTV mortgage product offered to teacher applicants is not restricted by property type and is available for purchases / remortgages of both flats and houses (not including new builds).
“In addition, when an applicant is considering a shared ownership property, we only ask for a 5% deposit on the share being purchased, irrespective of property type or age – all part of our commitment to helping people move onto the property ladder in such times when property prices are at an all-time high and people need to be able to buy a home with a smaller deposit.”
Teachers Building Society provides mortgages to teachers and other education professionals across England and Wales and those purchasing a property in Dorset, Hampshire and Wiltshire. They can lend to teachers, including NQTS, up to one month before they start their post. All applications are assessed on an individual bases through bespoke underwriting without automated credit scoring.