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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 3.69% Variable
3.69% 5.24% 5.1% APRC 95% N/A £99

Key Features

Variable rate

A variable rate, currently ​​3.69%, which is discounted by ​​1.55% 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 5.1% 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 ​​3.69% (equal to a ​1.55% 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 £735.42 and 324 monthly payments of £​869.75.

The total amount payable would be £​299,689.92 made up of the loan amount plus interest (£​142,480.92) with a funds transfer fee of £25, mortgage application fee of £99 and a mortgage exit fee of £85.

The overall cost for comparison is 5.1% APRC representative.

Call us today on 0800 378 669

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/​​06/2024). 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 ​​June 202​4) and then our Standard Variable Rate of 5.24% for the remaining term, would require ​59 monthly payments of £​821.54 and 289 monthly payments of £867.89.

The total amount payable would be £299,​520.11 made up of the loan amount plus interest (£142,311.11) with an application fee of £99, a funds transfer fee of £25 and a mortgage exit fee of £85.

The overall cost for comparison is 5.1% APRC representative.

Call us today on 0800 378 669

This product may be withdrawn or amended at any time, without prior notice

Teacher Exclusive, Shared Ownership, 2 Year Fixed Rate Mortgage 5% Deposit 3.84% Fixed
3.84% 5.24% 5.1% APRC 95% N/A £99

Key Features

Fixed rate

A fixed rate of ​3.84% for the first ​2 years (fixed until 14/​​10/2021). 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.
    • For remortgage applications, we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
    • £100 cashback for NEU members upon completion.

    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 £157,000 over 29 years initially on a fixed rate of 3.84% (ending on 14th October 2021) and then our Standard Variable Rate of 5.24% for the remaining term, would require 27 monthly payments of £748.69 and 321 monthly payments of £868.31.

    The total amount payable would be £299,167.71 made up of the loan amount plus interest (£141,958.71) with a funds transfer fee of £25, mortgage application fee of £99 and a mortgage exit fee of £85.

    The overall cost for comparison is 5.1% APRC representative.

    Call us today on 0800 378 669

    This product may be withdrawn or amended at any time, without prior notice

    Teacher Exclusive, Shared Ownership, 5 Year Fixed Rate Mortgage 5% Deposit 4.35% Fixed
    4.35% 5.24% 5.0% APRC 95% N/A £99

    Key Features

    Fixed rate

    A fixed rate of ​4.35% for the first 5 years (fixed until 14/​​06/2024). 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 ​5.0% 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.
    • For remortgage applications, we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
    • ​£100 cashback for NEU members upon completion.

    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 £157,000 over 29 years initially on a fixed rate of 4.35% (ending on 14th June 2024) and then our Standard Variable Rate of 5.24% for the remaining term, would require 59 monthly payments of £794.73 and 289 monthly payments of £864.30.

    The total amount payable would be £296,899.55 made up of the loan amount plus interest (£139,690.55) with a funds transfer fee of £25, mortgage application fee of £99 and a mortgage exit fee of £85.

    The overall cost for comparison is 5.0% APRC representative.

    Call us today on 0800 378 669

    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