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Newly Qualified Teacher Mortgages

Get onto the property ladder with an NQT mortgage

As a newly qualified teacher it is likely that you will be looking to be your first home at some point, and that is where TBS are perfectly placed to help you. As an expert mortgage lender to teachers, we understand the range of different employment circumstances of NQTs and offer a flexible approach to criteria.


  • We can lend to NQTs two months before the start of a first post
  • You could move into your new home before you even begin your very first teaching job
  • We offer mortgages to buyers with as little as a 5% deposit
  • The standard 12-month first post is considered equal to a permanent position
  • No employment history or previous pay slips necessary
  • We are the only building society endorsed by the NEU

Specialist Mortgages for NQTs

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 14/12/2023). 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 4.7% 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 for NEU members upon completion.

    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 £202,000.00 over 26 years initially on a fixed rate of 3.74% (Ending on 14 December 2023) and then our Standard Variable Rate of 4.89% for the remaining term, would require 34 monthly payments of £1013.38 and 278 monthly payments of £1130.54.

    The total amount payable would be £349,874.81 made up of the loan amount plus interest (£146,765.81) 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 4.7% 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 £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 for NEU members upon completion.

    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 £202,000.00 over 26 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 £932.14 and 288 monthly payments of £1130.00.

    The total amount payable would be £348,136.95 made up of the loan amount plus interest (£145,827.95) 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 3.79% 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 14/03/2026). 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 for NEU members upon completion.

    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 £202,000.00 over 26 years initially on a fixed rate of 3.79% (Ending on 14 March 2026) and then our Standard Variable Rate of 4.89% for the remaining term, would require 61 monthly payments of £1018.93 and 251 monthly payments of £1120.71.

    The total amount payable would be £344,582.98 made up of the loan amount plus interest (£141,473.98) 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, 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 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.

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

    Representative Example

    A mortgage of £202,000.00 over 26 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 £1014.49 and 288 monthly payments of £1136.09.

    The total amount payable would be £351,871.49 made up of the loan amount plus interest (£149,562.49) 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, 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 14/01/2023). 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 for NEU members upon completion.

    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 £202,000.00 over 26 years initially on a fixed rate of 4.44% (Ending on 14 January 2023) and then our Standard Variable Rate of 4.89% for the remaining term, would require 25 monthly payments of £1092.56 and 287 monthly payments of £1138.88.

    The total amount payable would be £354,506.15 made up of the loan amount plus interest (£152,197.15) 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 14/11/2025). 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 4.8% 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 for NEU members upon completion.

    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 £202,000.00 over 26 years initially on a fixed rate of 4.49% (Ending on 14 November 2025) and then our Standard Variable Rate of 4.89% for the remaining term, would require 59 monthly payments of £1098.34 and 253 monthly payments of £1133.92.

    The total amount payable would be £352,017.69 made up of the loan amount plus interest (£149,708.69) 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

    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 teachers

    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) 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