Skip to main content

Teacher Exclusive, 5 Year Fixed Rate Mortgage

Available for loans up to 90% of the purchase price or valuation of the property, whichever is lower, and 85% for mortgages available in conjunction with the Government's Help to Buy scheme.

Please note for Help to Buy applications: the monthly payment quoted for this mortgage does not include repayments towards the equity loan. 

3.84% 4.89% 4.6% APRC 90%

Key Features

Fixed rate

A fixed rate of 3.84% for the first 5 years (fixed until 14/10/2025). 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.
  • 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 for NEU members upon completion.

Who can apply and more information

  • Available for home purchase applications only.
  • At least one applicant must be a qualified teacher or lecturer.

Representative Example:

A mortgage of £184,000.00 over 27 years initially on a fixed rate of 3.84% (Ending on 14 October 2025) and then our Standard Variable Rate of 4.89% for the remaining term, would require 61 monthly payments of £913.12 and 263 monthly payments of £1003.33.

The total amount payable would be £319,904.47 made up of the loan amount plus interest (£135,595.47) 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 4.6% APRC representative.

Your home may be repossessed if you do not keep up repayments on your mortgage

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 499


Interested in this mortgage? Enter your email address and we can send you all the product details.