Am I eligible for a mortgage with Teachers Building Society?
This is often the first question we are asked by our mortgage customers, and we have a range of lending criteria designed to ensure that we can offer mortgages to as many teaching professionals as we can, whatever their circumstance. As well as the usual mortgage and credit checks there are some lending criteria to consider when applying. The mortgage must be:
- for a property valued no more than £1.5m at 90% LTV (£350k at 95% LTV)
- a loan-to-value (LTV) of between 81% and 95%.
- a residential mortgage (i.e. not a second home, or buy-to-let property).
- a repayment mortgage and not an interest-only mortgage.
- on a property not classed as a new build property.
- taken out by at least one qualified teacher or lecturer.
Do we both need to be a teacher to apply?
No, only one applicant needs to be a teacher or lecturer to apply for a mortgage with Teachers Building Society.