Teachers Building Society has launched three new fixed rate teacher mortgages.
The deals, available for teachers buying their first home, contract teachers, and teachers retired or approaching retirement, are now available on a fixed rate basis.
The deals are as follows:
3 Year Fixed Rate Teacher Contract Mortgage
- 3 year fixed rate at 3.69% then changing to the Teachers’ standard variable rate (SVR) which currently stands at 4.99% for the remainder of term
- Overall cost for comparison is 4.8% APR
- Available for loans up to 80% Loan to Value
3 Year Fixed Rate First Time Buyer Mortgage
- 3 year fixed rate at 5.49% then changing to the SVR for the remainder of term
- Overall cost for comparison is 5.3% APR
- Available for loans up to 95% Loan to Value
- Available to NUT members only
2 Year Fixed Rate Teacher Later Years Mortgage
- 2 year fixed rate at 4.59% then changing to the SVR for the remainder of term
- Overall cost for comparison is 5.1% APR
- Available for loans up to 75% Loan to Value
- Maximum age at time of application is 70 and maximum age at end of mortgage term is 83
- Minimum income £13,000 (from teachers’ pension scheme, if already retired)
James Bawa (pictured), chief executive of Teachers Building Society, said: “We have launched these fixed rate mortgages to meet the needs of a range of teachers who are seeking the reassurance of a fixed rate deal. It’s reassuring to know that your monthly mortgage payment will remain the same over a set period, allowing people to manage their finances more easily.”
Colin Dorman, national accounts manager, added: “These new fixed rate deals are part of Teachers Building Society’s commitment to providing mortgages to cover a teacher’s life cycle.
“They are great news for intermediaries representing a teacher who may be working on a contract, approaching retirement or even a newly qualified teacher looking to start their first post.”