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First Time Buyer Mortgages

How we help first time buyers

Teachers Building Society has been helping teachers onto the property ladder for over 50 years. Today, we are the expert lender for teachers and education professionals, offering a range of mortgage options and services to help you achieve your goal of becoming a homeowner.


  • We can help those looking to buy with just a 5% or 10% deposit
  • Our friendly advisors will guide you through the whole mortgage application process, from start to finish
  • We support a number of government schemes to help individuals with smaller deposits
  • In-house underwriters mean that we do not rely on a computer-generated response

Mortgages for first-time buyers

Variable rate Teacher Exclusive mortgages

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, Shared Ownership, 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 Shared Ownership home purchase and remortgage applications.
    • 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 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 £1051.71.

    The total amount payable would be £362,550.68 made up of the loan amount plus interest (£165,246.68) 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

    Fixed rate teacher exclusive mortgages

    Teacher Exclusive, 2 Year Fixed Rate Mortgage 10% Deposit 3.59% Fixed
    3.59% 4.89% 4.7% APRC 90% N/A £199

    Key Features

    Fixed rate

    A fixed rate of 3.59% for the first 2 years (fixed until 14/07/2024). 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 4.7% 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 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 3.59% (Ending on 14 July 2024) and then our Standard Variable Rate of 4.89% for the remaining term, would require 33 monthly payments of £912.67 and 315 monthly payments of £1047.25.

    The total amount payable would be £360,330.32 made up of the loan amount plus interest (£162,827.32) 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, 5 Year Fixed Rate Mortgage 10% Deposit 3.64% Fixed
    3.64% 4.89% 4.5% APRC 90% N/A £199

    Key Features

    Fixed rate

    A fixed rate of 3.64% for the first 5 years (fixed until 14/11/2026). 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 4.5% 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 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 3.64% (Ending on 14 November 2026) and then our Standard Variable Rate of 4.89% for the remaining term, would require 57 monthly payments of £918.18 and 291 monthly payments of £1038.68.

    The total amount payable would be £354,920.87 made up of the loan amount plus interest (£157,417.87) 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 4.5% APRC representative.

    Call us today on 0800 378 669

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

    Variable Rate Mortgages

    With a variable rate mortgage, the interest rate that you pay can go up or down at any time throughout your deal period. Variable rate mortgages often offer lower interest rates than fixed rate mortgages, but do not offer the security of knowing exactly how much your monthly mortgage payments will be. 

    To see our range of variable rate mortgages, please click here.

    Fixed Rate Mortgages

    With a fixed rate mortgage, the interest rate that you pay will stay the same throughout the deal period - which is typically between 2 and 5 years. With a fixed rate mortgage, you will have the security of knowing that your monthly payments won't change, even if interest rates rise. 

    To see our range of fixed rate mortgages, please click here

    Help to Buy

    We understand that providing a sizeable deposit makes it difficult for many people to buy their first home or move from an existing property. With a Help to Buy Equity Loan, the Government lends you up to 20% of the cost of a new build home, meaning you only need a 5% deposit and a smaller mortgage to make up the rest. 

    To read more about Help to Buy, please click here.

    Not sure?

    For more information on the options available to you, give our friendly team a call now on 0800 378 669.

    Savings for first-time buyers

    Saving for a deposit?

    Designed to help you save for a mortgage, our Teacher Home Saver is available exclusively to teachers and offers £500 cashback if you take out a mortgage with Teachers Building Society. Click here to find out more.

    Member of the National Education Union (NEU)? Click here to see our Union Home Saver, which offers an additional £100 cashback (£600 total) if either or both applicants are NEU members upon completion of a Teachers Building Society mortgage. 

    Make the most of your ISA allowance

    An ISA is a tax-free account for your savings in which you can save up to £20,000 a year. . 

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    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE