Available up to a 95% loan-to-value (LTV), the mortgage is also available to residents of Dorset, Hampshire and Wiltshire and comes with no arrangement fee and a £99 application fee.
At the end of the three years, the mortgage switches to Teacher Building Society’s SVR, which currently stands at 4.74%, for the rest of the term.
Andy Yates, business development directors at Teachers Building Society, said: “The shared ownership scheme provides an affordable way for people to step onto the property ladder, especially first-time buyers in a market where house prices continue to rise and finances are squeezed.
The fixed rate mortgage is designed to meet the needs of buyers seeking the reassurance of fixed payments, which alongside the high LTV of the share purchase and no arrangement fee, Yates added “provides an extra helping hand for those looking to purchase their own home via this scheme”.
