Switching to a new mortgage deal

Need To Know
  • New savings rates from 1 July 2022

Happy homeownership-anniversary

If your mortgage deal is coming to an end you’ve reached a mortgage milestone or are getting closer to fully repaying your mortgage: congratulations!

If you’re not sure when your deal ends please don’t panic, we’ll write to you with a reminder before your deal ends. Open up our lovely letters and we’ll tell you what to do and when.

So what’s next?

No need to panic. Providing you are up to date with repayments, when the initial product deal you chose (either a fixed or variable rate mortgage) comes to an end you have three key choices:
  1. Select another mortgage product for the next few years – we’ve got a selection of exclusive teacher mortgage products you can chose from. Don’t forget, teachers exclusively get our best rates and deals.

    Keen to stick with us? Here’s what to do:

    Have a chat with a new deal specialist.

    Read the mortgage illustration we’ll give you for any products you are interested in (a breakdown of what your monthly costs would be plus the total amount repayable).Confirm which product you’d like.

    Sign the relevant paperwork. Get back to enjoying your home (or marking homework).

  2. You could also chose to do nothing, in which case your new mortgage rate will be our ‘Standard Variable Rate’. But we need you to know that in the long term you could save money by taking a new deal, so please do chat things through with us.
  3. Your final option is to say goodbye to Teachers and take a mortgage with another lender. As with all financial decisions it’s important to do your research well. We’re happy to provide details of our products so you can shop around and make a well informed decision that’s right for you and your needs.

Ready to arrange a new deal? Contact the new deal team on mymortgages@teachersbs.co.uk or call 01202 843545.

Moving on up?

We can help if you want to move home

Financial worries?

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To switch to a new deal you need to be up to date with your mortgage repayments. Please note: Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage. Terms and conditions apply. Mortgages are subject to underwriting and criteria.
Please contact us for full details.

Need some help?

Contact a new deal specialist to arrange a new mortgage with us

Find out more