Teachers launches later years range
The Teacher Later Years Home Purchase Mortgage offers a 2-year discounted variable rate at 3.99% for borrowers aged up to 70.
Whilst the Teacher Later Years Remortgage is a 2-year discounted variable rate product priced at 4.32% which is also for borrowers aged up to 70.
Both products have a maximum loan to value of 75% if not retired or 50% if the applicant is already retired.
James Bawa, chief executive of Teachers Building Society, said: “Teachers Building Society is committed to providing products that serve the needs of teachers including those whose mortgage term continues into their retirement and those already retired.
“In a mortgage market where many lenders are unwilling to lend to people into retirement we are pleased to be able to meet this increasing need.
“The society has carefully considered customer outcomes and based our decision to launch these mortgages on statistics, including Office for National Statistics data and research among teachers in England and Wales.”
Colin Dorman, national account manager for Teachers Building Society, added: “Feedback from intermediaries regularly mentions the fact that lenders need to cater for older borrowers as part of the lifecycle of financial needs.
“Our measured approach is a welcome addition to our new and exciting line up of products.”
The mortgages have been launched to the intermediary channel in the first instance but will be available direct in coming weeks.