first-time buyer
mortgages for education professionals

Give us a call

0800 378 669

Teachers Building Society was set up in 1966 to help teachers get onto the property ladder. We work hard to help a range of education professionals own their own homes, from trainee teachers and NQTs right through to teachers in retirement.

Questions about getting a first-time buyer mortgage or how the process works? Let us demystify mortgages for you in just 10 minutes.

10 MINUTE MORTGAGE HEALTH CHECK

Find out more about the mortgage process or how much we may be able to lend you
Ask us anything - there's no such thing as a silly question
Answer a few simple questions to see if you are eligible for a mortgage
Call us directly or choose a time to be contacted

THE BENEFITS OF A CALL WITH A TEACHERS ADVISOR

We are a small, friendly team of experienced advisors
We will provide you with one dedicated advisor to guide you through the process
We understand teaching contracts and pay scales
We will not perform a credit check until later in the process with your explicit consent

5% Deposit Mortgage Product Options

Interest Rate	Standard Variable Rate	Overall Cost For Comparison	Maximum LTV	Arrangement Fee	Application Fee
Teacher Exclusive, 2 Year Variable Rate Mortgage 5% Deposit 3.29% Variable
3.29%	5.29%	5.1% APRC	95%	N/A	N/A
Key Features Variable rate A variable rate, currently 3.29%, which is discounted by 2.00% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is 5.29% and remains on our variable rate terms for the rest of the mortgage. The overall cost for comparison is 5.1% APRC representative. What you Pay Daily interest. A valuation fee is payable for all properties worth £800,000 or more. Early repayment charge An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge. What we Pay The first valuation fee for properties worth less than £800,000. £100 cashback upon completion of your mortgage, if either or both applicants are NEU members. Who can apply and more information Available for home purchase applications only. At least one applicant must be a qualified teacher or lecturer. Your home may be repossessed if you do not keep up repayments on your mortgage Representative Example A mortgage of £204,590.00 over 30 years initially on a discounted variable rate of 3.29% (equal to a 2.00% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.29% for the remaining term, would require 24 monthly payments of £894.89 and 336 monthly payments of £1120.83. The total amount payable would be £398,204.73 made up of the loan amount plus interest (£193,504.73) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. The overall cost for comparison is 5.1% APRC representative. Call us today on 0800 378 669 Full Mortgage Details Arrange an appointment Sign up to our newsletter This product may be withdrawn or amended at any time, without prior notice
Teacher Exclusive, 5 Year Fixed Rate Mortgage 5% Deposit 3.99% Fixed
3.99%	5.29%	4.9% APRC	95%	N/A	£199
Key Features Fixed rate A fixed rate of 3.99% for the first 5 years (fixed until 14/05/2027). It then changes to our Standard Variable Rate, which is 5.29% and remains on our variable rate terms for the rest of the mortgage. The overall cost for comparison is 4.9% APRC. What you Pay Daily interest. An application fee of £199 (non-refundable) is payable with the application. A valuation fee is payable for all properties worth £800,000 or more. Early repayment charge An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge. What we Pay The first valuation fee for properties worth less than £800,000. £100 cashback upon completion of your mortgage, if either or both applicants are NEU members. Who can apply and more information Available for home purchase applications only. Available to teachers only. Your home may be repossessed if you do not keep up repayments on your mortgage Representative Example A mortgage of £204,590.00 over 30 years initially on a fixed rate of 3.99% (Ending on 14 May 2027) and then our Standard Variable Rate of 5.29% for the remaining term, would require 61 monthly payments of £975.56 and 299 monthly payments of £1109.52. The total amount payable would be £391,587.08 made up of the loan amount plus interest (£186,688.08) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. The overall cost for comparison is 4.9% APRC representative. Call us today on 0800 378 669 Full Mortgage Details Arrange an appointment Sign up to our newsletter This product may be withdrawn or amended at any time, without prior notice
Teacher Exclusive, Shared Ownership, 2 Year Variable Rate Mortgage 5% Deposit 3.90% Variable
3.90%	5.29%	5.2% APRC	95%	N/A	N/A
Key Features Variable rate A variable rate, currently 3.90%, which is discounted by 1.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.29%, and remains on our variable rate terms for the rest of the mortgage. The overall cost for comparison is 5.2% APRC representative. What you Pay Daily interest. A valuation fee is payable for all properties worth £800,000 or more. Early repayment charge An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge. What we Pay The first valuation fee for properties worth less than £800,000. £100 cashback upon completion of your mortgage, if either or both applicants are NEU members. Who can apply and more information Available for Shared Ownership home purchase and remortgage applications. Available to teachers only. Your home may be repossessed if you do not keep up repayments on your mortgage Representative Example A mortgage of £204,590.00 over 30 years initially on a discounted variable rate of 3.90% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.29% for the remaining term, would require 24 monthly payments of £964.99 and 336 monthly payments of £1125.28. The total amount payable would be £401,385.77 made up of the loan amount plus interest (£196,685.77) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. The overall cost for comparison is 5.2% APRC representative. Call us today on 0800 378 669 Full Mortgage Details Arrange an appointment Sign up to our newsletter This product may be withdrawn or amended at any time, without prior notice
Teacher Exclusive, Shared Ownership, 2 Year Variable Rate Remortgage 5% Deposit 3.90% Variable
3.90%	5.29%	5.2% APRC	95%	N/A	N/A
Key Features Variable rate A variable rate, currently 3.90%, which is discounted by 1.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.29%, and remains on our variable rate terms for the rest of the mortgage. The overall cost for comparison is 5.2% APRC representative. What you Pay Daily interest. A valuation fee is payable for all properties worth £800,000 or more. Early repayment charge An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge. What we Pay The first valuation fee for properties worth less than £800,000. £100 cashback upon completion of your mortgage, if either or both applicants are NEU members. For remortgage applications, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. shared ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage. Who can apply and more information Available for Shared Ownership home purchase and remortgage applications. Available to teachers only. Your home may be repossessed if you do not keep up repayments on your mortgage Representative Example A mortgage of £204,590.00 over 30 years initially on a discounted variable rate of 3.90% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.29% for the remaining term, would require 24 monthly payments of £964.99 and 336 monthly payments of £1125.28. The total amount payable would be £401,385.77 made up of the loan amount plus interest (£196,685.77) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. The overall cost for comparison is 5.2% APRC representative. Call us today on 0800 378 669 Full Mortgage Details Arrange an appointment Sign up to our newsletter This product may be withdrawn or amended at any time, without prior notice

WE WILL CONSIDER LENDING TO:

NQTs up to 2 months before starting work
Teachers with just a 5% deposit
Teachers in retirement up to age of 83
Contract and supply teachers
Teachers looking to buy via Help to Buy

Give us a call

0800 378 669

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Teachers Building Society
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
(Register no. 156580)
Calls are recorded for quality and training purposes.

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