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Teachers Building Society widens interest only offering

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  • 05/11/2015
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Teachers Building Society widens interest only offering
Teachers Building Society has increased its full interest-only mortgage option to 60% loan-to-value (LTV).

The lender continues to offer its part-and-part interest-only mortgage which is available up to 75% LTV where lending over 60% is on a capital and repayment basis.

Like its part-and-part offering, Teachers’ whole interest-only mortgage is not available to first-time buyers.

Andy Yates, business development manager, said: “For some customers, interest-only mortgages are the best option where plausible repayment plans are in place. We have increased this LTV and widened our criteria after listening to feedback from intermediaries about the need for interest-only mortgage options. We are delighted to be able to roll out the LTV increase along with other criteria updates to everyone this month.”

In September, Natwest launched back into interest only with a maximum LTV of 75% for borrowers with an income over £100,000.

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