Teachers Building Society has launched a professional mortgage product aimed primarily at teachers.
| Key features |
| A minimum loan of £400,000 |
| A maximum loan of £750,000 |
| A minimum income requirement of £80,000 |
| An arrangement fee of £1499 and a £99 application fee |
The mortgage is currently only sold through financial intermediaries. Although aimed primarily at teachers, it will also be available to a wider range of professionals such as bankers, doctors, vets and solicitors purchasing or remortgaging in Dorset, Hampshire and Wiltshire.
Colin Dorman, national account manager at Teachers Building Society, said: “This product will benefit higher earners looking for an alternative to mainstream lender products.”
Adviser verdict
Peter Gettins, product manager for Bath-based London & Country Mortgages, said: “It is certainly a good rate at 1.99 per cent, but there might be some resistance from borrowers, with an interest rate increase likely.”
