Teachers Building Society has widened the availability of its shared ownership mortgage, making it available for remortgage as well as home purchase.
The change follows in the footsteps of last week’s announcement that it was making Help to Buy mortgages available for remortgage as well as home purchase.
The latest change again makes Teachers one of a few lenders able to offer shared ownership products to people with an existing mortgage, many of whom are coming to the end of a deal.
James Bawa, chief executive at the building society, said: “Making this mortgage available for remortgage is all part of our commitment to supporting affordable home ownership schemes.
“At Teachers we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage.”
The deal comes at a variable rate, discounted by 0.74 per cent from the standard variable rate to 4.25 per cent for the first three years, changing to the standard variable rate, currently 4.99 per cent, for the rest of the term.
Available for loans up to 95 per cent loan-to-value, there is no arrangement fee and a £99 application fee.
Early repayment charges are applicable and remortgage packages include free valuations and £250 towards legal fees.