The changes make Teachers one of a few lenders able to offer this product on a remortgage basis. It is available for people with an existing Help to Buy mortgage, many of whom are coming to the end of a 2-year discounted deal.
James Bawa, chief executive of Teachers Building Society, said: “At Teachers building society we’re committed to supporting affordable home ownership schemes and we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage.”
Jeremy Duncome, director of L&G Mortgage Club, said: “Remortgage customers can often be overlooked in these product areas, leaving them on higher rates, so it’s refreshing to see Teachers BS create products to cater for this underserved market.”
Sally Laker, managing director of Mortgage Intelligence said: “Teachers building society’s expansion to their product range shows their commitment to the first-time buyer market. In addition offering a remortgage product for Help to Buy customers provides opportunities in a currently limited market. Teachers’ flexible criteria, especially around employment contracts, make them a go-to lender for those in the teaching profession.”
Gemma Harle, managing director of TenetLime, said: “This is an innovative and welcome move from Teachers and helps address the issue of limited options for consumers after the initial benefit period expires.”
