Teachers Building Society has launched a 3 year Fixed Rate mortgage product to support the Government’s new FirstBuy equity loan scheme. The mortgage is for up to 80% Loan-to-Value, so eligible buyers who achieve the maximum 20% equity loan may not need a deposit to apply.
FirstBuy aims to help over 10,000 aspiring homeowners to purchase their first home over the next 2 years. Developments all over England have been given the green light and the first completions are expected in September 2011.
Alan Gravett, head of sales and marketing at Teachers Building Society, says “We have a history of supporting the Government’s affordable home buying initiatives and we expect that the FirstBuy scheme will prove to be an ideal solution for many looking to take that vital first step on the property ladder. Once again, we’re providing a mortgage to support a HomeBuy equity loan scheme to help those buyers who have not been able to save a meaningful deposit for a first home. We will be welcoming applications from teachers and education professionals and also anyone living in our local BH or DT postal areas.”
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