Teachers launch executive mortgage

Colin Dorman, national account manager of Teachers Building Society, said: “It’s important for us to offer a range of products for the differing needs of teachers and I’m confident that this Teacher Executive Mortgage which offers a competitive 1.89% variable rate will suit the needs of high-earning teachers in the UK looking to move up the property ladder.”

Other details include…

• Discounted variable rate for two years currently at 1.89% followed by TBS SVR (currently 4.99%). Overall cost for comparison is 4.5% APR

• £99 application fee and £999 arrangement fee

• Maximum 75% LTV

• Minimum loan of £250,000 and maximum of £750,000

• Minimum education professional income of £50,000

• No Early Repayment Charges applicable