The Teachers cuts buy-to-let rates

The Teachers cuts buy-to-let rates

The Teachers Building Society has reduced the rate on its new buy-to-let products.

The mortgages are are available both direct and through intermediaries.

The remortgage-only product offers a ‘fee-free deal’ – no arrangement or valuation fee and free legals for standard remortgages (£250 towards non standard remortgages).

James Bawa, chief executive of Teachers Building Society, said: “We are constantly amending our products to make sure they suit the needs of our customers – teachers and Wessex residents – and to ensure we provide the best rates and discounts that we can to meet these ever-changing needs.”

The buy-to-let purchase and remortgage has been reduced from 3.39% to 2.59% with the buy-to-let remortgage fee-free product being reduced from 3.99% to 3.29%.

Buy-to-let purchase & remortgage

  • Available for home purchase, remortgage and Let-To-Buy
  • Discounted variable rate of 2.59% for the first two years. It then changes to the buy-to-let standard variable rate, currently 5.74%, for the remainder of the term
  • Overall cost for comparison is 5.4% APR
  • Available for loans up to 75% LTV
  • £1999 arrangement fee and £99 application fee
  • Early Repayment Charge (ERC) applicable
  • Minimum income for main applicant £20,000

Buy-to-let remortgage – fee free

  • Available for remortgage and Let-to-Buy
  • Discounted variable rate of 3.29% for the first two years. It then changes to the buy-to-let standard variable rate, currently 5.74% for the remainder of the term
  • Overall cost for comparison is 5.4% APR
  • Available for loans up to 75% LTV
  • No arrangement fee, £99 application fee, no valuation fee and free legal fees (£250 towards solicitor fees for Let-To-Buy)
  • Early Repayment Charge (ERC) applicable
  • Minimum income for main applicant £20,000