Teachers building society

Vasquez65

Does anyone know if they are still offering 95% mortgages?
My daughter is a teacher and she + her partner had a 5% deposit and were ready to start the process when covid struck.  They are currently renting and their tenancy is up in March,  as is the SDLT holiday,   so obviously want to take advantage as only she is a first time buyer and they are looking at £250k houses. 

We can gift them another 5% but it won’t be until the new year unfortunately so the chances of avoiding SDLT look impossible given how long things are currently taking.  

AdrianC

https://www.teachersbs.co.uk/mortgages-for-teachers
Their "quick quote" illustration suggests they do - but has she actually... asked them?

SDLT on a £250k purchase would be £2,500. It's not exactly a showstopper - 1% of the total purchase price before legals etc.

shorty31

As my niece, who is a teacher, phoned them about 10 days ago, as she is in the same position as you daughter.  The person she spoke to said No they weren’t currently offering 5% mortgages, but took her details to let her know when and if this changed.  Within 48 hours she received a phone call from someone in their Mortgage department.

There were some funds available for 5% mortgages.  Apparently they allocate a certain amount a year that can be lent at 95% ltv.  She was told the amount still available was very limited but if she had a property in mind, she could apply.

Unfortunately  between the 2 calls she had just signed  a new tenancy agreement for a further 12 months.

Good Luck to your daughter, I hope this information helps.

GDB2222

Vasquez65 said:

Does anyone know if they are still offering 95% mortgages?
My daughter is a teacher and she + her partner had a 5% deposit and were ready to start the process when covid struck.  They are currently renting and their tenancy is up in March,  as is the SDLT holiday,   so obviously want to take advantage as only she is a first time buyer and they are looking at £250k houses. 

We can gift them another 5% but it won’t be until the new year unfortunately so the chances of avoiding SDLT look impossible given how long things are currently taking.  

Is there a particular reason why the gift can’t be until the new year? IHT?

Vasquez65

We wont have the funds to gift until then unfortunately.   I will be releasing £15k as a tax free sum from a pension when I’m 55 in mid December -   the house I have jointly inherited with my sister is up for sale but there is little interest as it’s priced too high and my sister wont agree to come down,  even though she knows my daughter’s situation. 

There is a house my Daughter is interested in that has just been reduced to £235k ,  it’s a large but dated house which is in the perfect location.
I will get her to contact the TBS and find out the situation,  thanks for the replies.