Teachers Building Society is stepping up its teacher proposition by widening availability of its mortgage range, including products for first-time buyers.
The specialist lender has reviewed criteria for teachers to ensure that its stance on employment requirements is up-to-date with the education landscape. Newly Qualified Teachers, who are typically employed on an initial 12 month contract, now have access to the Society’s competitive 95% Loan-to–Value (LTV) mortgage (requiring a deposit of 5% of the purchase price). The minimum income requirement for teacher applicants has also been lowered to £13,000 (from £15,000) to help those working part-time or as teaching assistants. Lastly, teaching assistants are no longer required to hold a NVQ Level 3.
Teachers Building Society lowered the rate on its 95% LTV mortgage earlier this year, making it one of the market leading deals currently. The deal has no arrangement fee and application and valuation fees are refunded at completion. The Society also supports the Government’s Help to Buy equity loan scheme, which could help teachers and education professionals to purchase a new build property with a deposit of 5% of the purchase price.
The Society has been providing mortgages to teachers for nearly 50 years and the product range includes deals for people remortgaging and moving home as well as first-time buyers, for both residential and Buy-to-Let scenarios. The lender’s definition of a teacher includes lecturers, teaching assistants, nursery nurses and child therapists and, in the case of joint applications, only one applicant needs to work in education.
Anne Maton, Marketing Manager at Teachers Building Society, said: "We were founded to help teachers buy their first home, so it’s only right that we adapt our lending criteria to be relevant to the state of play in the teaching profession. Alongside our very competitive 95% LTV and Help to Buy products, I’m confident that we have a lot to offer first-time buyer teachers.”
To find out more about the mortgage range available at Teachers Building Society, call the friendly team on 0800 378 669, visit the mortgage pages or ask your financial adviser.
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