Low deposit? No problem, we can get you moving.
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.
PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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
Mortgage advice and appointments
Need to speak to one of the team about your mortgage needs?
Give us a call
Browse our best Mortgage deals for teachers
Variable rate mortgages
| Deposit % | Term | Initial interest rate |
Follow on rate |
Overall cost for comparison |
Max LTV |
Arrangement fee |
Application fee |
|
|---|---|---|---|---|---|---|---|---|
| 5% | 2 years | 6.39% |
8.79% |
8.6% APRC | 95.0% | £0.00 | £0.00 | Details |
| 10% | 2 years | 5.99% |
8.79% |
8.5% APRC | 90.0% | £0.00 | £0.00 | Details |
| 10% | 2 years | 5.99% |
8.79% |
8.5% APRC | 90.0% | £0.00 | £0.00 | Details |
Fixed rate mortgages
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.
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.