The Teachers Building Society has lowered the rates on two of its mortgage products.
The Society’s two-year fee free discounted variable deal for remortgage customers has been reduced to 2.19% from 2.89% and the two-year fixed rate is now 2.39%, previously 2.99%.
Both products are available for residential mortgages up to 75% LTV.
There are no arrangement, application, valuation or legal fees with the fee-free option (in the case of legal fees, an appointed solicitor must be used and it applies to England & Wales only).
The mutual has also making a small change to its 95% LTV 5.79% product, which is now a two-year discounted variable rate, rather than two-year term.
Colin Dorman, national account manager at Teachers Building Society, said: “Intermediaries will, I’m sure, be delighted to see such a big reduction in our fixed rate product, which their clients are not able to access directly. Our remortgage option also offers great value at 2.19% as well as helping to keep the cost of remortgaging down. For brokers that haven’t submitted cases to us before, we underwrite on a case by case basis and do not use credit scoring.”
Martyn Smith, head of mortgage products at Legal & General Mortgage Club, said: “Regional lenders continue to play an important role in the mortgage market and these significant rate reductions by Teachers BS show a high degree of intent in terms of its lending ambition.
“The recent widening of its lending area outside of the education profession will also increase the opportunity for brokers to talk to their customers about Teachers BS excellent range of products.”
Sally Laker, managing director of Mortgage Intelligence, said: “Competitive rates coupled with a flexible approach to underwriting is an attractive proposition to our brokers.
“The recent inclusion of new postcode areas for non-teachers continues to demonstrate Teachers forward thinking in-line with the increase in mortgage lending.”