New mortgage deals for older borrowers at Teachers

Posted on Monday, December 15 by Joy Tibbs

Teachers Building Society has introduced two new mortgage deals for education workers who are either approaching retirement or have already retired.

The Teachers Later Years Home Purchase Mortgage offers a 1% discount for two years on its 4.99% standard variable rate (SVR), bringing the rate down to 3.99%. An £899 arrangement fee and a £99 application fee apply.

The Teachers Later Years Remortgage offers a 0.67% discount for two years on the the SVR, bringing it down to 4.32%. The deal is fee-free.

For both deals, the maximum age at the time of application is 70 and the maximum age at the end of the mortgage term is 83. The two loan types are available up to 75% LTV for working applicants and 50% LTV for retired applicants.

James Bawa, chief executive of Teachers Building Society, said: “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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