Teachers Building Society has launched a new buy-to-let mortgage and also reduced the rates and fees on much of its discounted variable mortgage product range.
The new buy-to-Let deal is a 2.99%, two-year discounted variable rate available for both purchase and remortgage applications. It has an arrangement fee of £2,399.
The mutual has also lowered the rate on its existing buy-to-let product to 3.29%. This is also a two-year discounted variable rate deal but with a lower arrangement fee of £1,499.
The Teachers has also unveiled a new arrangement fee-free two-year discounted variable rate deal at 2.15% for loans up to 60% LTV.
In addition, the arrangement fee on its 1.99% discounted variable product for the same LTV has been reduced to £899. A £99 application fee applies to both deals.
The Summer Specials also include reduced rates and new fee free options on the Society’s discounted variable rate deals for 85% and 90% LTV.
James Bawa, chief executive at Teachers Building Society, said: “We’ve listened to our broker partners and are doing everything we can to remain competitive in this low rate market. I’m confident that by launching a second buy-to-let deal and reducing the rates and fees across most of our product range we are giving brokers plenty to work with this season.
“Teachers traditionally use the summer break to move house or review their finances, so we’re geared up for a busy few weeks. These deals are all available to non-teachers in our local Dorset area too.”
Martyn Smith, head of mortgage products at Legal & General Mortgage Club, said: “We have seen a number of lenders increase their rates over the last couple of weeks, so these new lower rates and fees from Teachers BS is a really positive message and should be well received by brokers and their customers.”
Sally Laker, managing director at Mortgage Intelligence, said: “We are delighted to be working with Teachers Building Society to offer our members these exciting buy-to-let deals.
“With Teachers flexible underwriting approach we are confident that our advisers will take advantage of these competitive products.”