Teachers Building Society has launched a new Buy-to-Let deal and lowered the rates and fees on much of its discounted variable mortgage product range for a Summer Special promotion.
Available from Friday 12th July, the new Buy-to-Let deal is a 2.99 per cent two-year discounted variable rate available for both purchase and remortgage applications. The deal has an arrangement fee of £2,399. Teachers has also lowered the rate on its existing Buy-to-Let product to 3.29 per cent. Again, this is a two-year discounted variable rate deal but with a lower arrangement fee of £1,499.
The Society has also launched a new arrangement fee free two-year discounted variable rate deal at 2.15 per cent for loans up to 60 per cent LTV. In addition, the arrangement fee on its 1.99 per cent discounted variable product for the same LTV has been reduced to £899. A £99 application fee applies to both deals.
The Summer Specials also include reduced rates and new fee free options on the Society’s discounted variable rate deals for 85 per cent and 90 per cent LTV.
James Bawa, Chief Executive at Teachers Building Society, said: “We’ve listened to our broker partners and are doing everything we can to remain competitive in this low rate market. I’m confident that by launching a second Buy-to-Let deal and reducing the rates and fees across most of our product range we are giving brokers plenty to work with this season. Teachers traditionally use the summer break to move house or review their finances, so we’re geared up for a busy few weeks. These deals are all available to non-teachers in our local Dorset area too.”
Martyn Smith, Head of Mortgage Products at Legal & General Mortgage Club, says: “We have seen a number of lenders increase their rates over the last couple of weeks, so these new lower rates and fees from Teachers BS is a really positive message and should be well received by brokers and their customers.”
Sally Laker, Managing Director at Mortgage Intelligence, says: “We are delighted to be working with Teachers Building Society to offer our members these exciting Buy-to-Let deals. With Teachers flexible underwriting approach we are confident that our advisers will take advantage of these competitive products.”
Teachers Building Society’s annual results showed that lending in 2012 was up year on year, with loans to first-time buyers rocketing by 115 per cent.
