Teachers launched fixes

Sarah Davidson

April 13, 2015

For first-time buyers its 3-year fix stands at 5.49% to 95% LTV for National Union of Teachers members.

For those approaching retirement the lender is offering a 2-year fix at 4.59% to 75% LTV.

James Bawa, chief executive of Teachers Building Society, said: “We have launched these fixed rate mortgages to meet the needs of a range of teachers who are seeking the reassurance of a fixed rate deal.

“It’s reassuring to know that your monthly mortgage payment will remain the same over a set period, allowing people to manage their finances more easily.”

On the later life product the age limit is 70 at the time of application and 83 by the end, while they require a minimum income of £13,000 – from their pension scheme if already retired.

Colin Dorman, national accounts manager, said: “These new fixed rate deals are part of Teachers Building Society’s commitment to providing mortgages to cover a teacher’s life cycle.

“They are great news for intermediaries representing a teacher who may be working on a contract, approaching retirement or even a newly qualified teacher looking to start their first post.”

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