How we can help
With house prices on the rise and areas such as London boasting an average property price of £490,718*, it's no surprise that many first-time buyers are finding it increasingly difficult to purchase a home of their own.
We recognise that more and more aspiring buyers are having to turn to their families for help, and we have adapted our lending policy to cater for this need. Better yet, only one of you needs to be a teacher to qualify - this can be you or a family member looking to help you.
If you are fortunate enough to be gifted a sum of money by a family member, we can consider providing you a mortgage to cover up to 95% of your new home's value. All we'd need is a confirmation letter from the family member providing the gift.
If your family does not have available savings to provide a gifted deposit but owns a property, they could use this property to free up some cash to use as a house deposit.
If the property is mortgaged but is not currently with Teachers Building Society, or the property is owned outright, remortgaging to the Society would enable your family to raise additional funds which could then be used as a gifted deposit, as detailed above.
If the property is already mortgaged with the Society, additional funds could also be raised by applying for a further advance.
In some circumstances, you may be in a position to borrow sufficient funds on your current home to buy a property outright for your child to live in, allowing you to retain full ownership.
Who is counted as a teacher?
This includes teachers, lecturers, teaching assistants, nursery nurses, child therapists and education support staff (subject to specific lending requirements).
Who is counted as family?
This is not limited to parents, but can also be grandparents, siblings, aunts, uncles and more.