New mortgage product aimed at education retirees

A range of two-year mortgage products has been unveiled by the Teachers Building Society, for those who have worked in the education sector and are nearing retirement, or have retired already.

The group’s Later Years Home Purchase Mortgage is available to borrowers up to the age of 70, at a discounted rate of 3.99% variable for two years. Additionally, there is the Later Years Remortgage, which offers a 4.32 discounted variable rate, also for two years.

While there is a little more flexibility with the maximum age than many lenders, the products are accompanied by a maximum loan-to-value ratio of 50% if borrowers are retired at the time of application, or 75% if the borrower has not yet retired.

The Teachers Building Society’s chief executive, James Bawa, announced that the organisation was dedicated to ensuring there were products for those working in education even when their mortgage term runs into retirement, or if they are already retired from the profession.

He commented:

“In a mortgage market where many lenders are unwilling to lend to people into retirement we are pleased to be able to meet this increasing need.”

Whether you work as an intermediary who can advise on the products of a number of lenders or as an advisor for a specific lender, having undertaken your CeMAP training and passed your final exam, you will play an important part in each customer’s mortgage journey, and will have a duty of care to provide an honest and transparent service.



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