Teachers Building Society launches back into buy to let

The new mortgages, which are available direct and through intermediaries, offer a competitive rate with the remortgage offering a fee-free deal – no arrangement or valuation fee and free legals.

The buy to let purchase product is at a discounted variable rate of 3.39% for two years, after which it changes to the SVR of 5.74%, and is available for loans up to 75% LTV. It comes with a £1499 arrangement fee and £99 application fee.

The other product, available for remortgage and let to buy, is at a rate of 3.99% for two years before changing to the SVR, and is for loans up to 75% LTV. While this also has a £99 application fee, this product has no arrangement fee or valuation fee.

Early repayment charges are applicable for both products and both require a minimum income of £20,000 for the main applicant.

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

“At Teachers Building Society, we work hard to ensure that the products we provide meet the needs of both teachers and local residents, and following feedback from intermediaries we know these new products will meet an increasing demand for a Buy-to-Let purchase and remortgage.”