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Teachers fixes its mortgage plan

Teachers Building Society has introduced the fixed rate mortgage plan.

Aimed at first time buyers and people looking to remortgage, the plan has a fixed rate of 5.99 per cent for the first three years of the mortgage for loans of up to 90 per cent of valuation. After this it will revert to the societies standard variable rate, which currently stands at 7.49 per cent.

The most that can be borrowed using the mortgage is £200,000. Income multiples for the mortgage are set at 3.25 times principal income plus second or three times joint, which places it slightly higher than the market norm of three times principal income plus second or 2.75 times joint. There are no extended redemption penalties.

According to Moneyfacts the Teachers mortgage is the eighth most competitive on the market on January 15, 2001. The 5.95 per cent mortgage from Clay Cross Building Society is the most competitive, with a fixed rate of 5.95 per cent for the first three years of the mortgage. It has no extended redemption penalties, although the maximum a borrower can lend is £100,000.

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