The mortgage, which was previously only an option for home purchase customers, will now be available to people with an existing shared ownership mortgage looking to remortgage.
The remortgage package includes a free valuation and £250 towards legal fees. Teachers’ shared ownership deal comes with a variable rate discounted by 0.74% to 4.25% for the first three years, then rising to 4.99% for the rest of the term.
Loans are available at up to 95% loan-to-value and come with no arrangement fee and a £99 application fee.
James Bawa, chief executive of Teachers Building Society (pictured), said: “Making this mortgage available for remortgage is all part of our commitment to supporting affordable home ownership schemes.
“At Teachers we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage. It is competitively priced and available for up to 95% of the share owned.”