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Making home ownership possible with Low Deposit Mortgages



Welcome to Our 95% and 90% LTV Mortgage Range


Smaller deposit mortgage deals available to teaching professionals 

Teachers Building Society was founded in the 1960s specifically to help teachers with small deposits buy their first homes. Over the last 55 years we’ve helped thousands of teachers take their first steps onto the property ladder – we’d love to help you. Our mortgages for borrowers with 5% or 10% deposits are suitable for first time buyers, or those looking to move to a new property. 

 

Why choose a Teachers Building Society mortgage? 

 

  • Teachers are our heart and soul. We were formed to help them buy homes: it remains our primary purpose
  • We offer our best (lowest) mortgage interest rates exclusively to teachers
  • We lend to NQTs, supply teachers, those on contracts or in new roles
  • We understand teacher pay scales, and take this into account when calculating how much we can lend
  • We can lend teachers up to 5 times their single or joint salary
  • We offer a personal service: one friendly contact to guide borrowers through the process from start to finish
  • Experienced people, not machines, approve and check our mortgage applications

Browse our best mortgage deals for Teachers

Teacher Exclusive, 2 Year Variable Rate Mortgage 10% Deposit 2.99% Variable
2.99% 4.89% 4.7% APRC 90% N/A £199

Key Features

Variable rate

A variable rate, currently 2.99%, which is discounted by 1.90% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.7% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £199 (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 upon completion of your mortgage, if either or both applicants are NEU members.

Who can apply and more information

  • Available for home purchase and remortgage applications.
  • 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 £197,194.00 over 29 years initially on a discounted variable rate of 2.99% (equal to a 1.90% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £848.05 and 324 monthly payments of £1048.04.

The total amount payable would be £360,243.35 made up of the loan amount plus interest (£162,740.35) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.7% 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 10% Deposit 2.99% Variable
2.99% 4.89% 4.7% APRC 90% N/A N/A

Key Features

Variable rate

A variable rate, currently 2.99%, which is discounted by 1.90% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.7% APRC representative.

What you Pay

  • Daily interest.
  • 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 upon completion of your mortgage, if either or both applicants are NEU members.

Who can apply and more information

  • Available for home purchase and remortgage applications.
  • 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 £197,194.00 over 29 years initially on a discounted variable rate of 2.99% (equal to a 1.90% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £848.05 and 324 monthly payments of £1048.04.

The total amount payable would be £360,044.35 made up of the loan amount plus interest (£162,740.35) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.7% 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 Remortgage 10% Deposit 2.99% Variable
2.99% 4.89% 4.7% APRC 90% N/A N/A

Key Features

Variable rate

A variable rate, currently 2.99%, which is discounted by 1.90% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.7% APRC representative.

What you Pay

  • Daily interest.
  • 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, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. shared ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
  • £100 cashback upon completion of your mortgage, if either or both applicants are NEU members.

Who can apply and more information

  • Available for home purchase and remortgage applications.
  • 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 £197,194.00 over 29 years initially on a discounted variable rate of 2.99% (equal to a 1.90% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £848.05 and 324 monthly payments of £1048.04.

The total amount payable would be £360,044.35 made up of the loan amount plus interest (£162,740.35) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.7% 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 3.50% Variable
3.50% 4.89% 4.8% APRC 95% N/A N/A

Key Features

Variable rate

A variable rate, currently 3.50%, which is discounted by 1.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.8% APRC representative.

What you Pay

  • Daily interest.
  • 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 upon completion of your mortgage, if either or both applicants are NEU members.

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 £197,194.00 over 29 years initially on a discounted variable rate of 3.50% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £902.82 and 324 monthly payments of £1051.72.

The total amount payable would be £362,553.93 made up of the loan amount plus interest (£165,249.93) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.8% 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 3.75% Variable
3.75% 4.89% 4.8% APRC 95% N/A £199

Key Features

Variable rate

A variable rate, currently 3.75%, which is discounted by 1.14% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.8% APRC representative.

What you Pay

  • Daily interest.
  • 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 upon completion of your mortgage, if either or both applicants are NEU members.

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 £197,194.00 over 29 years initially on a discounted variable rate of 3.75% (equal to a 1.14% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £930.34 and 324 monthly payments of £1053.45.

The total amount payable would be £363,975.28 made up of the loan amount plus interest (£166,472.28) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 4.8% 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 Fixed Rate Mortgage 10% Deposit 3.74% Fixed
3.74% 4.89% 4.8% APRC 90% £800 £199

Key Features

Fixed rate

A fixed rate of 3.74% for the first 2 years (fixed until 14/05/2024). It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.8% APRC.

What you Pay

  • Daily interest.
  • An application fee of £199 (non-refundable) is payable with the application.
  • An arrangement fee of £800 (refundable if mortgage cannot complete).
  • 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 upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for home purchase and remortgage applications.
    • 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 £197,194.00 over 29 years initially on a fixed rate of 3.74% (Ending on 14 May 2024) and then our Standard Variable Rate of 4.89% for the remaining term, would require 35 monthly payments of £929.23 and 313 monthly payments of £1048.09.

    The total amount payable would be £361,704.49 made up of the loan amount plus interest (£163,401.49) with a Application Fee of £199.00, Arrangement Fee of £800.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.8% 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 10% Deposit 3.79% Fixed
    3.79% 4.89% 4.6% APRC 90% £800 £199

    Key Features

    Fixed rate

    A fixed rate of 3.79% for the first 5 years (fixed until 14/07/2026). It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

    The overall cost for comparison is 4.6% APRC.

    What you Pay

    • Daily interest.
    • An application fee of £199 (non-refundable) is payable with the application.
    • An arrangement fee of £800 (refundable if mortgage cannot complete).
    • 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 upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for home purchase and remortgage applications.
    • 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 £197,194.00 over 29 years initially on a fixed rate of 3.79% (Ending on 14 July 2026) and then our Standard Variable Rate of 4.89% for the remaining term, would require 61 monthly payments of £934.79 and 287 monthly payments of £1039.91.

    The total amount payable would be £356,605.91 made up of the loan amount plus interest (£158,302.91) with a Application Fee of £199.00, Arrangement Fee of £800.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.6% 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 (subject to availability) 5% Deposit 4.44% Fixed
    4.44% 4.89% 4.9% APRC 95% N/A £199

    Key Features

    Fixed rate

    A fixed rate of 4.44% for the first 2 years (fixed until 14/10/2023). It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

    The overall cost for comparison is 4.9% APRC.

    What you Pay

  • Daily interest.
  • An application fee of £199 (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 upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for Shared Ownership 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 £197,194.00 over 29 years initially on a fixed rate of 4.44% (Ending on 14 October 2023) and then our Standard Variable Rate of 4.89% for the remaining term, would require 28 monthly payments of £1008.58 and 320 monthly payments of £1055.49.

    The total amount payable would be £366,330.12 made up of the loan amount plus interest (£168,827.12) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.9% 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 (subject to availability) 5% Deposit 4.49% Fixed
    4.49% 4.89% 4.8% APRC 95% N/A £199

    Key Features

    Fixed rate

    A fixed rate of 4.49% for the first 5 years (fixed until 14/05/2026). It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

    The overall cost for comparison is 4.8% APRC.

     

    What you Pay

    • Daily interest.
    • An application fee of £199 (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 upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for Shared Ownership 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 £197,194.00 over 29 years initially on a fixed rate of 4.49% (Ending on 14 May 2026) and then our Standard Variable Rate of 4.89% for the remaining term, would require 59 monthly payments of £1014.37 and 289 monthly payments of £1051.57.

    The total amount payable would be £364,084.91 made up of the loan amount plus interest (£166,581.91) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.8% APRC representative.

    Call us today on 0800 378 669

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

    Mortgage Calculator

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    Ready to take the next step towards getting your first mortgage?

    We have a team of expert mortgage advisors ready to speak to who will help guide you through the mortgage application journey. As a specialist lender to first time buyer teachers, NQTs and young education professionals, you can be sure that you are in safe and experienced hands with Teachers Building Society. 

    Mortgage Advice and Appointments

    Need to speak to one of the team about your mortgage needs?  Arrange a call

    Give us a call

    0800 378 669

    Am I eligible for a low deposit 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:


    • 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.


    Arrange a Mortgage Appointment

    Speak to one of the team about your mortgage needs  Arrange a call >
    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE