We are in the same position as you - waiting for the sun to get the last of the flaking varnish off! We then finish the wood with an electric sander then apply two coats of Starbrite Tropical Teak Oil; must be the "Tropical" not standard one. This goes on very easily and quickly, leaving a matt finish. It doesn't look as good as 10 coats of good varnish, but after 12 months of exposure it looks far better!
There are two colours - light and classic. We used light on our last boat and it lasted very well - over 12 months before it needed attention (UK sunshine, not Med!). The "light" is quite yellow, but from a distance is more the colour of freshly sanded teak than the classic we've used this time which is a distinctly brown colour.
We've also tried Danish oil in the past and found it only lasts 3 or 4 months before it needs attention.
I admit there is something special about gloss varnish done well. But I'm taking it all off, it was a mistake: the cockpit trim (locker fronts, seat edges), the whole engine box, has chipped in places so it's going back to bare wood - you can't touch-in that gloss. Not to mention grabrails used every time I walk for'ard and a 20-year old bathing platform (not just when boarding from the dinghy, but regularly when the aft canopy is rolled up for air, me standing on it wearing whatever footwear has walked across the boatyard and is grinding the dirt!
Sikkens takes all that, no probs. Wash down, light sand, slap it on - and you can't see the join!
If you want precise details off the can PM me and I'll report back.
Why are you reluctant to leave it as bare teak ? The silvery grey colour that it goes is the natural colour. What's the point of applying chemicals that make it look unnatural?
I'm reluctant to leave as bare teak because I want the teak to last as long as possible and not absorb much moisture. Plus, althoug it's trivial compared to the other two reasons, I'm not too keen on the look of silvery grey weathered teak.
Time to try out the Starbrite or Sikkens me thinks.
I've got Sikkens on one side and Starbrite on the other. The Starbrite has lasted longer (the Sikkens has gone a bit grey in places - not sure if more coats would have helped).
However I prefer the colour of the Sikkens - as already stated the 'natural' is a bit yellow.
'Which Sikkens' - there is a 'marine' one. Have a look on the International website. It has a blue/grey label. I think International have removed some of the Sikkens range (I found their UV varnish excellent - but it is no longer sold), but I think that the finish for teak is still sold.
Whether the B&Q Sikkens is comparable I do not know.
I am in the australian sun, i apply saddle dressing three times a year to all teak, does not stain glass fibre, it helps to polish the glass so you need not worry about it getting on places you dont want it. It comes in a pastse, you put it on with a rag, just go to a place that sell all things for horses.