Mortgages  

Teachers extends Help-to-Buy loan

Teachers extends Help-to-Buy loan

Teachers Building Society has made its Help-to-Buy mortgage available for remortgage and home purchase.

The loan, which has a discounted variable rate of 2.44 per cent for the first two years, is available for people with an existing Help-to-Buy mortgage.

Key Features

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· Available for home purchase and remortgage.

· Discounted variable rate of 2.44 per cent for the first two years. It then changes to Teachers’ standard variable rate, currently 4.99 per cent, for the remainder of the term.

· Overall cost for comparison is 4.8 per cent APR

· Available for loans up to 75 per cent loan-to-value

· £899 arrangement fee and £99 application fee

· Early repayment charge applicable

· Remortgage package includes free valuation and £250 towards legal costs

Adviser view:

Gemma Harle, managing director of national mortgage and protection support services TenetLime, said: “The Teachers product helps address the issue of limited options for consumers after the initial benefit period expires.”