Teacher exclusive, 2 year fixed rate mortgage

Available for loans up to 90% of the purchase price or valuation of the property, whichever is lower, and 75% for mortgages available in conjunction with the Government's Help to Buy scheme.

Please note for Help to Buy applications: the monthly payment quoted for this mortgage does not include repayments towards the equity loan.

PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Deposit %	Term	Initial interest rate	Follow on rate	Overall cost for comparison	Max LTV	Arrangement fee	Application fee
10%	2 years	3.69%	5.29% after 2 years	5.0% APRC	90.0%	£0.00	£199.00

Key features

Fixed rate

A fixed rate of 3.69% for the first 2 years (fixed until 14/02/2025). It then changes to our Standard Variable Rate, which is currently 5.29% and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.0% APRC.

What you pay

Daily interest.
An application fee of £199 (non-refundable) is payable with the application.
A valuation fee is payable for all properties worth £800,000 or more.

Early repayment charge

An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

What we pay

The first valuation fee for properties worth less than £800,000.
£100 cashback upon completion of your mortgage, if either or both applicants are NEU members.

Representative example

A mortgage of £204,590.00 over 30 years initially on a fixed rate of 3.69% (ending on 14 February 2025) and then our Standard Variable Rate currently 5.29% for the remaining term, would require 34 monthly payments of £940.54 and 326 monthly payments of £1,117.52.

The total amount payable would be £396,619.62 made up of the loan amount plus interest (£191,720.62) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.

The overall cost for comparison is 5.0% APRC representative.

Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please contact us for details.

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 585

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.