The mortgage is available for educational professionals who have held a teaching position in the education sector for at least 12 months, and have at least 6 months remaining on their contract.
James Bawa, chief executive of Teachers Building Society, said: “As part of our commitment to providing mortgages to cover the life-cycle of education professionals, we have launched this contract mortgage to help these people move onto the property ladder – or indeed move further along towards their dream home.
“With an increasing number of teaching professionals becoming employed on a contractual basis, we are delighted to be able to provide this specialist product to meet their needs.”
And Colin Dorman, national account manager for Teachers Building Society, added: “This new teacher contract mortgage, available for main or sole applicants, is a great opportunity for those working on a contractual basis to be able to purchase or remortgage their home.
“With specialist products like this, as well as our own in-house underwriters and assessment of cases on an individual basis, we can really work to the best of our ability to help intermediaries secure mortgages for teaching professionals working within a temporary or fixed term contract.”
The contract mortgage is a 3-year discounted variable rate at 3.09% then changes to SVR – currently 4.99% - for the remainder of the term.
The deal is available for loans up to 80% LTV and has an £899 arrangement fee and £99 application fee. The maximum loan size is £750,000.
Mortgages from Teachers Building Society are available to teachers and education professionals in England and Wales.