The product is available for purchases and remortgages with an application fee of £99, free legal fees for remortgages, and a refunded valuation and application fee for all applications.
Martyn Smith, head of mortgage products, at L&G said: “We’re pleased to be able to offer great value, niche mortgages to essential professions via the L&G. The market is currently dominated by fixed-rate mortgages so it is excellent to be able to offer this option to those looking for an alternative. Innovation in mortgage products, such as this, is key to getting the housing market on the move again.”
The mortgage is designed to help those in the teaching profession, such as lecturers, teaching assistants, nursery nurses and children's therapists and is also available to non-teachers purchasing within the Dorset postcodes.
Alan Gravett, head of strategy, marketing and business development at Teachers, said: “We are very aware that many people able to afford the monthly costs of a mortgage are finding it difficult to buy their dream home because they have limited funds for a deposit and the cost of home purchase so Teachers Building Society is delighted to offer a mortgage that allows teachers and our local Dorset residents exclusive access to this exciting new deal.”
