The variable rate is discounted by 1.75% for the first two years then changing to Teachers’ buy-to-let standard variable rate which is currently 5.74% and remaining on our variable rate terms for the rest of the mortgage.
It has a £1,499 fee payable with the application and 5% ERC applied during the first two years. This will be waived if the society’s SVR rises exceed any Bank of England Base Rate increase.
The deal is available to teachers nationwide as well as everyone in the Society’s local BH and DT postcode areas.
Alan Gravett, head of sales and marketing at Teachers, said: "We strive to offer the best rates we possibly can to borrowers and savers and this new buy-to-let deal offers good value to landlords. We have also improved our affordability calculation for buy-to-let mortgages to 130% coverage at 6% following feedback from customers and intermediaries.”
