SpecialistFeb 10 2017

Teachers launches mortgage range

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Teachers launches mortgage range

Teachers Building Society has launched a range of fixed rate mortgages across all its loan-to-value ranges. 

The new deals include a selection of two and three-year products with Help to Buy and Shared Ownership options and a five-year Teacher fixed rate special.

Andy Yates, business development manager at Teachers Building Society, said: “Fixed rate mortgages are an attractive option for borrowers who want the security of knowing the cost of their mortgage will not increase if rates rise. 

“The new deals, as well as offering the reassurance of a fixed rate, also support our continued commitment to help teachers onto the property ladder – with mortgages supporting the government affordable housing schemes and a teacher-only five-year fixed rate product.”

Mortgages from Teachers Building Society are available to teachers and education professionals in England and Wales, as well as local residents on Dorset, Hampshire and Wiltshire.

David Hollingworth, associate director for communications at L&C Mortgages, said it is important for any lender to understand the requirements of its core customer and Teachers Building Society is largely catering for a very specific borrower type.

Mr Hollingworth said it is no surprise that the product range includes options for those not only with smaller deposits but also recognises that it needs to have the ability to support those relying on other support schemes like Help to Buy.  

He said: “Although not a clear leader, the five-year 95 per cent fixed rate for teachers only is well positioned and the society’s specialist understanding of the teaching profession could be a key benefit.”

emma.hughes@ft.com