Whilst many of the UK’s financial giants still adopt the “computer says no” mentality, Teachers Building Society is proud to offer a professional and friendly service that is tailored to its customers’ needs.
The mutual building society prides itself on providing exemplary customer service by treating each customer as an individual. The Society was founded in 1966 by the NUT to provide mortgage solutions to teachers and, over 45 years later, they are still dedicated to this core purpose.
• No automated phone menu – speak directly to a real person
• Mortgages designed especially for teaching professionals
• Their underwriters consider each application on a case-by-case basis
• If buying with a partner, only one needs to be a teacher
• Dedicated to meeting teachers’ financial needs, now and in the future
The Society has a range of mortgage and savings products. For its mortgages, their underwriters understand teaching contracts and pay scales, allowing them to provide a mortgage when other lenders may choose not to. For example, they can provide a mortgage one month before a Newly Qualified Teacher (NQT) takes up their first teaching post, and have a low minimum income requirement to help those working part time.
Preparation for getting on the housing ladder:
• Reduce your debts if you can. Improve your credit rating and you may be able to borrow a larger amount.
• Don’t delay – start saving up for your deposit.
• Be aware of ‘hidden’ mortgage costs: a low interest rate may go hand in hand with large fees, or may tie you in, prohibits you moving your mortgage.
• Be honest about what you can afford. Don’t fall into the trap of borrowing to your maximum now.
Buying your first home?
Teachers’ Building Society has a wide range of mortgage products. Each product is designed to help teachers during their changing life stages but with particular emphasis on trying to help first-time buyers. Below are just two of the options that the Society offers:
Help to Buy
This scheme allows you to buy a newly built home on a designated development with the assistance of an equity loan, funded by the Government. This loan can cover up to 20% of the total purchase price, leaving you to obtain a Help to Buy mortgage for up to 75% of the purchase price. Repayments on the mortgage are made in the usual way, with nothing payable on the amount that the Government contributed for the first five years. For more information, go to the website and follow the mortgage pages to Help to Buy.
5% deposit mortgage
The range of mortgage products at Teachers’ Building Society includes a mortgage for up to 95% Loan-to-Value, requiring a deposit of just 5% of the purchase price of a property. A free guide for first-time buyers is available to download at the Teachers’ Building Society website.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number 156580