The mortgage is part of a new range of products launched by Teachers Building Society to help underserved applicants move onto the property ladder.
Teachers Building Society provides mortgages to teachers and other education professionals across England and Wales as well as individuals of any profession looking to purchase or remortgage in Dorset, Hampshire or Wiltshire. All applications are assessed on an individual bases through bespoke underwriting without automated credit scoring.
James Bawa, chief executive of Teachers Building Society, said:
“At Teachers Building Society, we’ve been working hard to meet a range of circumstances that potential customers may find themselves in. The introduction of this ‘Back on Track’ mortgage demonstrates our commitment to helping these people - on a personal, case-by-case basis.
“It can be difficult for some people to get a mortgage if they have had a financial glitch, and we wanted to be able to help these people, if possible, get onto the property ladder or remortgage and move into their dream home.”
