The Teachers Building Society has widened the availability of its Shared Ownership mortgage, now making it available for remortgage as well as home purchase.
The deal is is available for people with an existing Shared Ownership mortgage, many of whom are coming to the end of a deal.
James Bawa (pictured), chief executive of Teachers Building Society, said: “Making this mortgage available for remortgage is all part of our commitment to supporting affordable home ownership schemes. At Teachers we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage. It is competitively priced and available for up to 95% of the share owned.”
Details are as follows:
· Available for home purchase and remortgage
A variable rate which is discounted by 0.74% from our Standard Variable Rate to 4.25% for the first three years. It then changes to the Teachers’ Standard Variable Rate, which is currently 4.99%, for the rest of the mortgage term
· Overall cost for comparison is 5.0% APR
· Available for loans up to 95% LTV
· No arrangement fee and £99 application fee
· Early Repayment Charge (ERC) applicable
· Remortgage package includes free valuation fee and £250 towards legal fees