This change makes Teachers one of a few lenders able to offer this product on a remortgage basis, and is available for people with an existing Shared Ownership mortgage, many of whom are coming to the end of a deal.
The Shared Ownership mortgage has a variable rate which is discounted by 0.74% to 4.25% for the first three years. It then changes to the Standard Variable Rate, which is currently 4.99%, for the rest of the mortgage term.
It is available for loans up to 95% LTV, and comes with no arrangement fee and £99 application fee.
James Bawa, chief executive of Teachers Building Society, said:
“Making this mortgage available for remortgage is all part of our commitment to supporting affordable home ownership schemes. At Teachers we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage. It is competitively priced and available for up to 95% of the share owned.”