Legal & General launches a 3-year variable-rate 95% mortgage from Teachers Building Society

Legal & General Mortgage Club is launching a semi-exclusive three-year variable rate at 5.79 per cent up to 95 per cent LTV with Teachers Building Society.

The mortgage requires an application fee of £99 and has free legal fees for remortgage, refunded valuation and application fee for remortgage and purchase applications.

National Union of Teachers members receive £100 cashback and the deal is also available to non-teachers purchasing within the Dorset postcodes.

Legal & General Network head of mortgage products Martyn Smith says: “We’re pleased to be able to offer great value, niche mortgages to essential professions via the Legal & General Mortgage Club. The market is currently dominated by fixed-rate mortgages, so it is excellent to be able to offer this option to those looking for an alternative. Innovation in mortgage products, such as this, is key to getting the housing market on the move again.”

Teachers Building Society head of strategy, marketing and business development Alan Gravett says: “We are very aware that many people able to afford the monthly costs of a mortgage, are finding it difficult to buy their dream home because they have limited funds for a deposit and the cost of home purchase, so Teachers Building Society is delighted to offer a mortgage that allows teachers and our local Dorset residents exclusive access to this exciting new deal.”