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
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
London teachers interested in finding out more about
the scheme should contact Teachers Building Society on 0800 378 669 or
send an email to firstname.lastname@example.org.