âWe are delighted to be able to provide a range of highly competitive 90% low rate mortgage products to our network of intermediaries. “
Teachers for Intermediaries, the intermediary lending arm of Teachers Building Society, has launched two new 90% LTV variable rate mortgage products.
For qualified teachers, the Company is offering a variable discount rate of 2.99% over two years with an application fee of Â£ 199.
To support other buyers with smaller deposits, TFI has also expanded its mortgage lineup to include a new 90% LTV rate that is open to single borrowers and spouses of any profession.
For any profession, a variable rate reduction of 90% LTV over two years is available at 3.29% with a charge of Â£ 199.
Teachers offer Newly Qualified Teachers (NQT) mortgages and NQT mortgages can be provided on the basis of an offer of employment. The mortgage can start up to two months before the first job starts, meaning interns who start their first job in September 2021 could buy their first home and move in this summer.
It also welcomes joint applications where a single borrower works as a teacher and accepts applications from teachers with complex borrowing needs, including occasional teachers with irregular incomes and those with limited professional backgrounds.
TFI offers loans of up to five times single or joint income (subject to affordability) on its entire mortgage lineup.
David Leek, Head of Product and Marketing at Teachers Building Society, said: âWe are delighted to be able to provide our network of intermediaries with a range of highly competitive 90% low rate mortgage products. We want the intermediaries we work with to be in the best position to help first-time home buyers and those with smaller deposits with mortgages that combine a very low rate with very low fees, and these products will add up. to their arsenal.
âWe were founded in 1966 specifically to help teachers access homeownership and our new exclusive teacher rates reaffirm our continued commitment to the profession.
âWe also know that many buyers in other professions are just as eager to buy a home and would benefit from the combination of a higher LTV loan with low rates and low fees. Our new products will allow us to help a wider range of borrowers.