Contract/Supply teacher mortgages

Need To Know
  • New savings rates from 1 July 2022

Mortgages for supply teachers and teachers on contracts

PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

It is thanks to you that pupils across the country don’t miss out when their usual teacher is away – whether that’s for a few hours, days or a longer unexpected period.

 
Our mission was then, and remains now, to help any teacher who wants to own a home do so. We tick people, not boxes so it really doesn’t matter to us if you work as a contract or supply teacher – we’d still love to help you get on the property ladder.

To do that we:
  • For supply teachers we ask only for evidence of working in the region you plan to buy for two academic terms;
  • Use our knowledge of teacher pay scales and contracts to lend to those working on a fixed or supply basis;
  • Lend up to 5 times salary for single or joint applications (only one partner needs to work in teaching);
  • Assess each case on its own merit, processing applications by hand;

Sound good?

Details of our mortgages for supply/contract teachers are below. If you’d like to find out more get in touch, the team are waiting for your call.

So we don’t think you should miss out either. It doesn’t seem fair to us that by working in a different way you’re penalised when it comes to getting finance. In fact, combatting inequality in lending was our founding purpose. In the 1960s, women in general and teachers by profession were seen as unattractive lending prospects by many high street lenders and were routinely refused mortgages simply because of their gender and/or profession. Our founders were so disgusted by this they created the Society you see before you to solve the problem.
Filter:

Variable rate mortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
5% 2 years 3.29% 5.29%
after 2 years
5.1% APRC 95.0% £0.00 £0.00
10% 2 years 2.99% 5.29%
after 2 years
5.0% APRC 90.0% £0.00 £0.00
20% 2 years 2.69% 5.29%
after 2 years
5.0% APRC 80.0% £0.00 £0.00

Fixed rate mortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
10% 5 years 3.69% 5.29%
after 5 years
4.8% APRC 90.0% £0.00 £199.00
5% 5 years 3.99% 5.29%
after 5 years
4.9% APRC 95.0% £0.00 £199.00
10% 2 years 3.69% 5.29%
after 2 years
5.0% APRC 90.0% £0.00 £199.00
20% 5 years 3.39% 5.29%
after 5 years
4.7% APRC 80.0% £0.00 £199.00

Shared ownership variable rate

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
5% 2 years 3.90% 5.29%
after 2 years
5.2% APRC 95.0% £0.00 £0.00

We tick people, not boxes

We were formed to help teachers, whatever their role. Read more about our radical roots.

How do you buy a home?

Our Buyers Club offers support in the form of information and guides

Please note: Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage. Terms and conditions apply. Mortgages are subject to underwriting and criteria. Please contact us for full details.It is thanks to you that pupils across the country don’t miss out when their usual teacher is away – whether that’s for a few hours, days or a longer unexpected period.

Got a few questions or ready to make an application?

Arrange a mortgage appointment

 

Find out more