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Scottish Widows offers 110% mortgage to teachers

Scottish Widows Bank is opening its 110 per cent professional mortgage to teachers.

The move follows the launch of the General Tea ching Council for England, a new professional body for teachers which will maintain a register of members.

The list of professionals entitled to apply for the bank&#39s professional mortgage which allows them to borrow up to 110 per cent of the value of the property now includes doctors, dentists, solicitors, acc ountants, vets, optometrists and teachers.

Widows&#39 says the product is based on its flexible mortgage and designed for a select number of professionals who can get access to an optional cheque account.

The account can be used for anything from house improvements to personal or business expenditure.

Scottish Widows Bank associate director business development Alan Webster says: “Teachers or other professionals can borrow up to 110 per cent of the value of the property, with the extra 10 per cent borrowing being charged at the standard variable rate which is currently 7.09 per cent, around 0.6-0.7 per cent below the market average. No mortgage indemnity guarantee premium will apply.”


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