Mortgage News
Teachers BS caps max interest-only LTV at 50%
Teachers Building Society has lowered its maximum interest-only LTV from 75% to 50%.
Teachers’ interest-only deals are available both direct and via intermediaries.
The lender said: “We strive to do all we can for mortgage customers, whether they are remortgaging, moving home or buying for the first time, but obviously we have a duty of care to lend responsibly and are mindful of the tighter controls being applied by the regulator, so must balance our mortgage products accordingly.”
Teachers Building Society currently operates direct from its head office in Dorset and is the 35th biggest building society in the UK, according to the Building Societies Association.
Last May, Teachers dropped its direct-only lending policy and launched into the intermediary sector for the first time.
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Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
In this week’s Market Watch, Alan Gravett, head of sales & marketing at Teachers Building Society looks at how long it will be before interest-only becomes a niche product in the market.