The Dorset-based society, which offers mortgages exclusively to teachers and those working in the education sector, has extended its rental calculation from 125% of the mortgage payment at 5.74% to the same percentage at 4.99%.
It has also relaxed criteria on how many properties a landlord can hold from three to eight, with Teachers able to lend on up to three of these properties, and cut the minimum earned income requirements to £15,000 per year.
Teachers said the changes followed feedback from mortgage brokers and the lender also lowered the fee on one of its pair of buy-to-let products. The lender’s 2.99% two-year variable discounted rate has had its arrangement fees cut from £2,399 to £1,899.
Colin Dorman, national account manager at Teachers Building Society, said: “We have two competitive buy-to-let deals available to education professionals in mainland UK and all buyers in Dorset.
“I’m confident that these deals provide good value and realistic criteria which, alongside the excellent level of service we provide, offer a good solution to intermediaries.”
