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Teachers Building Society has been appointed to manage the Home Loans for Teachers scheme set up by the Old Etonian Housing Association (OEHA).
The scheme provides interest-free loans to teachers working in Islington, Camden and Haringey who would otherwise be unable to purchase their own homes. To date, home loans have been made to 11 teachers and OEHA has now made more funds available for the scheme.
Tom Mitcheson, Chairman of the OEHA, says “Local authorities in central London have difficulty in recruiting and retaining senior teachers, because of the high cost of housing in London. OEHA introduced this scheme several years ago to make it more affordable for hard pressed teachers to buy their own homes in the capital. So far we’ve helped a number of teachers and are delighted to be able to make this contribution to education in central London.”
Teachers Building Society is a dedicated mortgage provider for teachers and was founded over forty years ago by teachers. The Society is managing the administration of the Home Loans for Teachers scheme and can also provide a mortgage for the remainder of the purchase price.
James Bawa, Chief Executive of Teachers Building Society says “We are delighted to be working with the OEHA in facilitating the needs of teachers working in London, for whom the ambition to purchase a home can be hard to achieve. Teachers Building Society was founded upon the principle of helping teachers to own their homes and we continue to work to this ethos today.”
Each loan provided by the OEHA is secured on the teacher’s home but is interest-free and is repayable upon the sale of the property at the same percentage of the home’s value as the loan originally comprised.
London teachers interested in finding out more about the scheme should contact Teachers Building Society on 0800 378 669 or send an email to lisa.hanger@teachersbs.co.uk.
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