Teachers' Building Society has just launched two new highly competitive mortgage deals, including a “no deposit” option in conjunction with the government’s new FirstBuy equity share scheme.
FirstBuy is the popular low cost home ownership scheme aimed at helping working people who earn less than £60,000 per annum to get a foot on the housing ladder. It offers eligible buyers a 20% equity loan, funded jointly by the Homes and Communities Agency (HCA) and house builders.
With FirstBuy, buyers are normally asked to come up with just a 5% deposit – an initiative aimed at addressing the difficulties people have in saving the huge sums required by lenders in today’s tough market place.
The brand new Teacher’s mortgage deal gives teaching professionals interested in buying through FirstBuy, the option to bypass the 5% deposit if they need to, in conjunction with a 5.9% three year variable rate mortage.
For those who are able to raise the 5% deposit, Teachers has introduced a new 4.09% three year discounted variable rate mortgage. For more information contact Teachers Building Society on 0800 378 669 or visit www.teachersbs.co.uk.