The new rates include a 4.39% 3 year fixed rate mortgage and a 3.89% 2 year variable rate mortgage – available to teachers in the England and Wales and those looking to purchase in a property in Dorset, Hampshire and Wiltshire.
James Bawa, chief executive of Teachers Building Society, said: “As a Society set up by teachers to help teachers step onto the property ladder we are delighted to roll out a 95% LTV mortgage to all teachers across England and Wales and to lower our 90% LTV mortgage rates to teachers and residents in Dorset, Hampshire and Wiltshire.
The great news is that the 95% LTV mortgage product offered to teacher applicants is not restricted by property type and is available for purchases/remortgages of both flats and houses (not including new builds).
In addition, when an applicant is considering a shared ownership property, we only ask for a 5% deposit on the share being purchased, irrespective of property type or age – all part of our commitment to helping people move onto the property ladder in such times when property prices are at an all-time high and people need to be able to buy a home with a smaller deposit.”
