Teachers Building Society has launched a new 4.29 per cent three-year fixed rate shared ownership mortgage.
This mortgage, available to teachers and education professionals in England and Wales as well as residents of Dorset, Hampshire and Wiltshire, is available up to 95 per cent loan-to-value (LTV).
There is no arrangement fee and a £99 application fee. The deal is available for purchase and remortgage.
Andy Yates, business development manager 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.
“This new fixed rate mortgage is designed to meet the needs of buyers seeking the reassurance of fixed payments - this, along with our ability to lend up to 95 per cent LTV of the share purchase and with no arrangement fee, provides an extra helping hand for those looking to purchase their own home via this scheme.”
Mike Richards, director of London-based adviser Mortgage Concepts Associates Ltd, said better shared ownership rates were available but the deal sounded good as it has no arrangement fee.
He said: “It is just a shame that it is restricted to teachers and educational professionals.”
