First time buyer teacher mortgages

Mortgages for teacher first time buyers

Helping teacher first time buyers with small deposits take their first steps as home owners has been our mission since the day we were founded.

In fact, as the only lender dedicated to the education profession it’s fair to say our mortgages have been designed solely with teachers in mind.

We understand your career path and circumstances including pay ranges, career progression and pension contributions.

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

What can we do for you?

  • Boost your affordability, potentially lending you more than other providers. Teachers can borrow up to 5 times joint income from us (subject to affordability).
  • Help early career, supply and contract teachers looking to purchase a home in England and Wales. We can assess your situation if you are still on probation.
  • Reserve our best (lowest) rates exclusively for teachers, including offering ‘fee free’ mortgage options.
  • Lend to you based on a job offer – we don’t need to see extensive employment history. For ECTS (NQTs) we treat 12 month initial contracts as a permanent role. In fact, we can even lend to ECTs (NQTs) before they start work, so you can move in before your September start.

Filter:

Variable rate mortgages

Deposit % Term Initial interest rate Follow on
rate
Overall cost for
comparison
Max LTV Arrangement
fee
Application
fee
20% 2 years 5.74% 8.79%
after 2 years
8.5% APRC 80.0% £0.00 £0.00
10% 2 years 5.99% 8.79%
after 2 years
8.5% APRC 90.0% £0.00 £0.00
5% 2 years 6.39% 8.79%
after 2 years
8.6% APRC 95.0% £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
20% 5 years 5.09% 8.79%
after 5 years
7.4% APRC 80.0% £0.00 £0.00
20% 2 years 5.74% 8.79%
after 2 years
8.3% APRC 80.0% £0.00 £0.00
10% 2 years 5.99% 8.79%
after 2 years
8.4% APRC 90.0% £0.00 £0.00
10% 5 years 5.19% 8.79%
after 5 years
7.4% APRC 90.0% £0.00 £0.00
5% 5 years 5.69% 8.79%
after 5 years
7.7% APRC 95.0% £0.00 £0.00
5% 2 years 6.39% 8.79%
after 2 years
8.5% APRC 95.0% £0.00 £0.00

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 7.40% 8.79%
after 2 years
8.8% APRC 95.0% £0.00 £0.00

Representative example

Please note this is a representative example based on the mortgages in the tables above. To see a representative example specific to a single product please click the black 'details' button next to the mortgage in the table. When you apply for a mortgage you will be provided with details of how the specific mortgage deal you are interested in applies to your personal circumstances.

A mortgage of £206,550.00 over 27 years initially on a discounted variable rate of 7.40% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate, currently 8.79%, for the remaining term, would require 24 monthly payments of £1474.97 and 300 monthly payments of £1658.56.

The total amount payable would be £533,119.30 made up of the loan amount plus interest (£326,459.30) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 8.8% APRC representative.

Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please contact us for details.

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 details, please call our friendly team on 0800 378 669.

Let us guide the way

 

Check out our selection of guides full of tips and hints on the buying process

Join the club

 

 

Join our buyers club to learn more about the buying process

Arrange an initial call with a mortgage advisor

Book a call back to find out how much we could lend you in around 15 minutes

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.

Questions and applications

Whether you need more information or are ready to apply our advisors are ready to help

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