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Teachers BS launches pair of 90 per cent LTV mortgages

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  • 30/03/2021
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Teachers BS launches pair of 90 per cent LTV mortgages
Teachers for Intermediaries (TFI), the intermediary lending arm of Teachers Building Society, has launched two variable rate mortgage products at 90 per cent loan to value (LTV).

 

The products are available to teachers and other professionals. 

The mortgage for qualified teachers is a two-year discount variable rate, currently at 2.99 per cent from its standard variable rate of 4.89 per cent. 

Newly qualified teachers will also be eligible and have their 12-month employment contract considered equal to a permanent position. Mortgages can be provided based on a job offer and can begin up to two months before the teacher starts their role. 

The mutual allows joint applications where one borrower is a teacher and accepts those with irregular income such as supply teachers or those with limited employment history. 

The product for other professionals has a discount variable rate of 3.29 per cent for two years. 

Both mortgages have application fees of £199 and offer lending up to five times on either single or joint incomes. 

David Leek, head of product and marketing at Teachers Building Society, said: “We’re delighted to be in a position to be able to provide a range of highly competitive low rate, low fee 90 per cent LTV mortgage products to our intermediary network.  

“We also know many buyers in other professions are equally keen to buy a home and would benefit from the combination of higher LTV lending with low rates and a low fee. Our new products will enable us to help a broader range of borrowers.” 

 

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