Teachers Building Society has launched two Teacher Later Years mortgage products aimed at teachers and education professionals approaching retirement or already retired.
As part of Teachers Building Society’s commitment to providing mortgages to cover the life cycle of teachers and education professionals, two mortgages have been launched to suit the needs of older borrowers.
The mortgages have been launched to the intermediary channel in the first instance but will be available direct in coming weeks.
Society chief executive James Bawa comments: “Teachers Building Society is committed to providing products that serve the needs of teachers including those whose mortgage term continues into their retirement and those already retired.
“In a mortgage market where many lenders are unwilling to lend to people into retirement we are pleased to be able to meet this increasing need. The Society has carefully considered customer outcomes and based our decision to launch these mortgages on statistics, including Office for National Statistics data and research among teachers in England and Wales.”
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- 2 year discounted variable rate 3.99 per cent
- Maximum lending age at end of term of 83
- Maximum age at time of application is 70
- Maximum 75 per cent LTV if not retired or 50 per cent if applicant already retired
- Minimum income £13,000 (from teachers’ pension scheme)
- £899 arrangement fee and £99 application fee
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[tab title=”Teacher Later Years Remortgage:“]
- 2 year discounted variable rate 4.32 per cent
- Maximum lending age at end of term of 83
- Maximum age at time of application is 70
- Maximum 75 per cent LTV if not retired or 50 per cent if applicant already retired
- Fee free
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