Contractor mortgage options have this week been extended further with the news that Teachers Building Society has introduced a special contractor rate.
Available to education professionals with a minimum of 12 months’ history, and with at least 6 months remaining on assignment, the news comes as a welcome addition to the varied range of contractor-specific products in the market.
“Over the past 12 months we have seen many lenders increase their lending profile as they wake up to the earning potential of the nation’s contractors” adds Taj Kang, Business Development Director at Contractor Mortgages Made Easy.
“This is an interesting twist though, as teachers have been an often forgotten area of the UK’s contractor force, as lenders chase office-based workers. We speak with many supply or short-term education professionals who have struggled to prove their income in a fair and transparent way, so it’s great news that there may now be a tailored solution.”
Teachers Building Society, a small lender based in Dorset, has traditionally been a lender who, as the name would suggest, looks to lend to education professionals. They have long-standing links with the National Union of Teachers, which often results in products tailored towards those who make their living in the education sector.
"As part of our commitment to providing mortgages to cover the life-cycle of education professionals, we have launched this contract mortgage to help these people move onto the property ladder, or indeed move further along towards their dream home” said James Bawa, Chief Executive of Teachers BS.
"With an increasing number of teaching professionals becoming employed on a contractual basis, we are delighted to be able to provide this specialist product to meet their needs."
The contractor mortgage on offer is a 3-year discounted variable rate at 3.09% which then changes to a Standard Variable rate, currently 4.99%, for the remainder of the term.
"With specialist products like this, as well as our own in-house underwriters and assessment of cases on an individual basis, we can really work to the best of our ability to help intermediaries secure mortgages for teaching professionals working within a temporary or fixed term contract" added Colin Dorman, a national account manager for the society.
The rate is available with a minimum 20% deposit, for a maximum of £750,000; and carries an arrangement fee of just £899, in addition to an application fee of £99.
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080