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Teachers BS re-enters buy-to-let market

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  • 11/06/2015
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Teachers BS re-enters buy-to-let market
Teachers Building Society has marked its return to the buy-to-let market with the launch of two products, a purchase mortgage and remortgage, available direct and through intermediaries.

The lender stopped offering products in the buy-to-let market in August last year and has decided to return to the market following the clear demand.

The remortgage deal is fee-free with no arrangement or valuation fee and free legals.

The mortgage starts at a discounted variable rate of 3.99% for the first two years, then increases to the standard variable rate for the remainder of the term. A £99 application fee applies as well as £250 towards solicitor fees for let-to-buy deals.

Its buy-to-let purchase mortgage has a discounted variable rate of 3.39% for the first two years, rising to its standard variable rate for the remainder of the term. The loan comes with a £1,499 arrangement fee and a £99 application fee.

The minimum income requirement for the main applicant on both deals is £20,000 and loans are available at up to 75% loan to value.

James Bawa, chief executive of Teachers Building Society, (pictured) said: “At Teachers Building Society, we work hard to ensure that the products we provide meet the needs of both teachers and local residents, and following feedback from intermediaries we know these new products will meet an increasing demand for a buy-to-let purchase and remortgage.”

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