The Teachers Building Society has launched a pair of Teacher Later Years Mortgage products aimed at teachers and education professionals approaching retirement or already retired.
The two deals are as follows:
Teacher Later Years Home Purchase Mortgage:
- Two-year discounted variable rate 3.99%
- Maximum lending age at end of term of 83
- Maximum age at time of application is 70
- Maximum 75% LTV if not retired or 50% if applicant already retired
- Minimum income £13,000 (from teachers’ pension scheme)
- £899 arrangement fee and £99 application fee
Teacher Later Years Remortgage:
- Two-year discounted variable rate 4.32%
- Maximum lending age at end of term of 83
- Maximum age at time of application is 70
- Maximum 75% LTV if not retired or 50% if applicant already retired
- Fee free
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, said: “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, the mutual said.