Teachers Building Society was created in 1966 in order to assist teachers with their financial requirements. It now has over 20,000 members, and in excess of £230 million in assets. Teachers specialise in providing mortgages and savings to people who work in education, they’ve been helping teachers buy their own homes for over 40 years now.
Teachers Building Society is a mutual society, run for the benefit its members. And with no dividends to pay shareholders it uses any profits to ensure it can maintain competitive rates. Most, but not all, of the Building Society’s products are for teachers only.
Discount Plan
Fixed Rate
Shared Ownership
Head Start
Discount Plan: there are two different types of discount plan mortgage. Both are discounted off the Society’s standard variable rate during the first 3 years. Then the mortgage will convert to the Society’s standard variable rate.
Fees vary depending upon which product you choose
The amount you can borrow depends upon which product you choose
Fixed Rate: fixed rate mortgages are for 3 or 5 years. This means that your rate will be fixed for an agreed period. After the fixed rate period is over the mortgage rate will convert to the Society’s standard variable rate.
Interest is calculated daily
The amount you can borrow depends upon which product you choose
There is a fixed rate mortgage which will loan you 100% of the value of your property. This is only available to teachers who have completed at least a year in a teaching post
Shared Ownership: there are two types of this mortgage. One for teachers only, and one for Key Workers. For the first the rate is set at the Society’s standard variable rate for the whole mortgage term. For the second the rate is set at a discounted variable rate for the first year and then converts to the society’s standard variable rate for the remaining mortgage term.
Cash back is payable on completion
There is no higher lending charge
An early repayment charge will apply if you pay off all or above 10% of the mortgage within the first 3 years
Head Start: this mortgage is for teachers only. The mortgage is set at a discounted variable rate for the first two years and then it converts to the Society’s standard variable rate for the remaining mortgage term.
A higher lending charge may apply
There is a contribution towards the National Union of Teachers (NUT) subscription
Cashback Mortgage Plan: this mortgage is for teachers only. The rate is set at the Society’s standard variable rate for the mortgage term.
A higher lending charge may apply
There is a contribution towards the National Union of Teachers (NUT) subscription
You will receive cash back on the mortgage. The amount will be determined by the size of your loan
An early repayment charge will apply if you pay off all or above 10% of the mortgage within the first 5 years
Back to Basics: the rate is set at the Society’s standard variable rate for the mortgage term.
There is a contribution towards the National Union of Teachers (NUT) subscription
A higher lending charge may apply
There is no early repayment charge