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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 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

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

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

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