first-time buyer
mortgages for education professionals

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​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

Teacher Exclusive, 2 Year Variable Rate Mortgage 5% Deposit 2.49% Variable
2.49% 5.24% 5.0% APRC 95% £999 £99

Key Features

Variable rate

A variable rate, currently ​2.​49%, which is discounted by 2.75% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.0% APRC representative.

 

What you Pay

  • Daily interest.
  • An application fee of £99 (non-refundable) is payable with the application.
  • An arrangement fee of £999 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 for NEU members upon completion.

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 £157,000 over 29 years initially on a discounted variable rate of 2.49% (equal to a 2.75% discount off our SVR) for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £633.92 and 324 monthly payments of £862.54.

The total amount payable would be £296,013.27 made up of the loan amount plus interest (£137,687.77) with a funds transfer fee of £25, mortgage application fee of £99, mortgage arrangement fee of £999, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.0% APRC representative.

Call us today on 0800 378 669

Full Mortgage Details
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This product may be withdrawn or amended at any time, without prior notice
Teacher Exclusive, 2 Year Variable Rate Mortgage 5% Deposit 2.79% Variable
2.79% 5.24% 5.0% APRC 95% N/A £99

Key Features

Variable rate

A variable rate, currently ​​2.79%, which is discounted by ​​2.45% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.0% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £99 (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 for NEU members upon completion.

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 £157,000 over 29 years initially on a discounted variable rate of ​2.79% (equal to a ​2.45% discount off our SVR)  for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £​658.51 and 324 monthly payments of £​864.47.

The total amount payable would be £​296,231.05 made up of the loan amount plus interest (£1​38,904.55) with a funds transfer fee of £25, mortgage application fee of £99, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.0% APRC representative.

Call us today on 0800 378 669

Full Mortgage Details
Arrange a call back

This product may be withdrawn or amended at any time, without prior notice
Teacher Exclusive, 5 Year Fixed Rate Mortgage 5% Deposit 4.64% Fixed
4.64% 5.24% 5.1% APRC 95% N/A £99

Key Features

Fixed rate

A fixed rate of ​4.64% for the first 5 years (fixed until 14/​​02/2024). It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is ​5.1% APRC.

What you Pay

  • Daily interest.
  • An application fee of £99 (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 for NEU members upon completion.

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 £157,000 over 29 years initially on a fixed rate of 4.64% (ending on 14th ​February 202​4) and then our Standard Variable Rate of 5.24% for the remaining term, would require ​60 monthly payments of £​821.54 and 288 monthly payments of £867.98.

The total amount payable would be £299,​677.18 made up of the loan amount plus interest (£142,372.68) with an application fee of £99, a funds transfer fee of £25, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.1% APRC representative.

Call us today on 0800 378 669

Full Mortgage Details
Arrange a call back

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

Request a callback.

Click here >
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.

© 2018 Teachers Building Society