The specialist lender, whose reach has now been extended to people of any occupation in Hampshire and Dorset, has reviewed criteria for teachers to ensure that its stance on employment requirements is up-to-date with the education landscape.
Newly Qualified Teachers, who are typically employed on an initial 12 month contract, now have access to the Society’s competitive 95% LTV mortgage.
The minimum income requirement for teacher applicants has also been lowered to £13,000 (from £15,000) to help those working part-time or as teaching assistants. Lastly, teaching assistants are no longer required to hold a NVQ Level 3.
Teachers Building Society lowered the rate on its 95% LTV mortgage to 4.89% (2 year discounted variable rate) in January, making it one of the market leading deals currently.
The deal has no arrangement fee and application and valuation fees are refunded at completion. The Society’s Help to Buy mortgage is currently 2.89% (3-year discounted variable rate, available for loans up to 75% LTV).
Anne Maton, marketing manager at Teachers Building Society, said: "We were founded to help teachers buy their first home, so it’s only right that we adapt our lending criteria to be relevant to the state of play in the teaching profession.
“Teachers are, in our experience, a prudent and reliable group with high employment, so we’re comfortable that extending our criteria in this way carries minimal risk.
“Alongside our very competitive 95% LTV and Help to Buy products, I’m confident that we have a lot to offer first-time buyer teachers.”
Jeremy Duncombe, director at Legal & General Mortgage Club, added: “We are seeing confidence in the market grow, with Government initiatives creating demand for higher LTV products.
“It is great to see Teachers BS widen the availability of their products to enable more borrowers to take advantage of these competitive products via Legal & General Mortgage Club.”
Sally Laker, managing director at Mortgage Intelligence/Next, said: “Teachers couple competitive products with a flexible and personal underwriting approach.
“These new criteria enhancements will continue to make Teachers an attractive lending proposition for our advisers.”