The Teachers Building Society has launched two new buy-to-let products.
The deals are a purchase mortgage and remortgage and are available direct and through intermediaries.
The remortgage offers a fee-free deal – no arrangement or valuation fee and free legals.
Buy-to-let purchase:
- Available for home purchase
- Discounted variable rate of 3.39% for the first two years. It then changes to the lender’s buy-to-let standard variable rate, currently 5.74%, for the remainder of the term
- Overall cost for comparison is 5.6% APR
- Available for loans up to 75% LTV
- £1499 arrangement fee and £99 application fee
- Early Repayment Charge (ERC) applicable
- Minimum income for main applicant £20,000
Buy-to-let remortgage
- Available for remortgage and Let-to-Buy
- Discounted variable rate of 3.99% for the first two years. It then changes to the lender’s buy-to-let standard variable rate, currently 5.74% for the remainder of the term
- Overall cost for comparison is 5.6% APR
- Available for loans up to 75% LTV
- No arrangement fee, £99 application fee, no valuation fee and free solicitor fees (£250 towards solicitor fees for Let-To-Buy)
- Early Repayment Charge (ERC) applicable
- Minimum income for main applicant £20,000
James Bawa (pictured), chief executive of Teachers Building Society, said: “At Teachers Building Society, we work hard to ensure that the products we provide meet the needs of both teachers and local residents, and following feedback from intermediaries we know these new products will meet an increasing demand for a buy-to-let purchase and remortgage.”
