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First Time Buyers

Montserrat Wight

Spanish ​teacher
London
​Mortgage ​customer since 201​5

How can we help you?

Teachers Building Society was founded nearly 50 years ago to help teachers onto the property ladder. Today, we are the expert lender for education professionals and offer a range of options to help you achieve your goal. 

  • Our friendly advisors will guide you through the whole process, from start to finish
  • We support a number of government schemes to help individuals with smaller deposits
  • We can help those looking to buy with just a 5% deposit
  • In-house underwriters mean that we do not rely on a computer-generated response

Mortgages for first-time buyers

Fixed Rate Mortgages

With a fixed rate mortgage, the interest rate that you pay will stay the same throughout the deal period - which is typically between 2 and 5 years. With a fixed rate mortgage, you will have the security of knowing that your monthly payments won't change, even if interest rates rise. 

To see our range of fixed rate mortgages, please click here

Variable Rate Mortgages

With a variable rate mortgage, the interest rate that you pay can go up or down at any time throughout your deal period. Variable rate mortgages often offer lower interest rates than fixed rate mortgages, but do not offer the security of knowing exactly how much your monthly mortgage payments will be. 

To see our range of variable rate mortgages, please click here.

Help to Buy

We understand that providing a sizeable deposit makes it difficult for many people to buy their first home or move from an existing property. With a Help to Buy Equity Loan, the Government lends you up to 20% of the cost of a new build home, meaning you only need a 5% deposit and a smaller mortgage to make up the rest. 

To read more about Help to Buy, please click here.

Shared Ownership

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.

To find out more about Shared Ownership, please click here.

Not sure?

For more information on the options available to you, you can request a free copy of our mortgage guide - packed with useful tips and an overview of the mortgage application process. ​Click here to find out more. Alternatively, you can ask us a question online and a member of our friendly team will email you back (usually within 1 working day).

​​Savings for first-time ​buyers

Saving for a deposit?

Designed to help you save for a mortgage, our Teacher Home Saver ​is available exclusively to ​teachers and offers £​500 cashback if you take out a mortgage with Teachers Building Society. Click here to find out more.

Member of the National Education Union (NEU)? Click here to see our Union Home Saver, which offers an additional £100 cashback (£600 total) upon completion of a Teachers Building Society mortgage. 

Make the most of your ISA allowance

An ISA is a tax-free account for your savings in which you can save up to £20,000 a year. We have recently launched a new Education ISA, available exclusively to teachers and offering a preferential rate of interest. Click here to find out more. 

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