Mortgage Affordability
Affordability remains a big issue among young and newly qualified teachers with the average house in England & Wales costing almost seven times the average school teacher's salary*.
At Teachers, we are committed to helping teachers realise their ambitions to own their own home. Indeed, the Society was launched by the NUT over 40 years ago with this aim at heart and continues to work with education professionals to make buying a first home a reality.
How can Teachers Building Society help?
There are a number of options available for first time buyers. We understand the needs of people working in education and always consider applications on an individual basis. Depending on your own circumstances, Teachers Building Society can offer:
1. Guarantor Plan
If your income is insufficient for purchasing a property in your desired area, we can consider a guarantor plan, whereby a family member, for example, will guarantee the loan for the part of the mortgage that is over and above the amount we would normally be prepared to lend.
2. 100% mortgage
2008 has already seen mortgage providers taking a much more cautious approach to lending and many products have been withdrawn. We are continuing to offer mortgages at 100% of the value of the property.
3. Shared Ownership Scheme
If buying a home outright is out of reach, a shared ownership scheme could be the ideal compromise. Such schemes allow you to buy a share of a property and pay rent on the remaining share. Over time, you could acquire further shares until you own all of the property.
4. Group Mortgage
If you have friends or relatives looking for a way onto the property ladder, too, then why not pool your resources and buy together? We will consider applications from groups of up to 4 people, and only one needs to be working in the teaching profession.
For more information about the options available to first time buyers, or for a decision in principle in minutes, contact us today.
Mortgages from Teachers
First time buyer mortgages from Teachers
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