Building society offers teachers ‘summer sale’ discount on mortgages

Teachers Building Society claims to be the first provider to join the ranks of retailers in offering summer sales by discounting two of its mortgages.

For a six-week period it will be offering fee-free options to teachers with 10% and 5% deposits with rates of 2.99% and 3.50% respectively.

These two-year variable deals are also open to joint applicants where one is a teacher and the building society said it also offers mortgages to newly-qualified teachers.

David Leek, head of marketing and products at Teachers Building Society said: “Summer is a particularly appealing period for teachers to buy homes as they have the time to both arrange finances and view properties, something that’s more of a challenge during term time.

“After another incredibly tough year where teachers have supported children across the country in continuing their education both in school and via home learning we wanted to reward and recognise their efforts showing our appreciation for the adaptability they’ve displayed during the pandemic.”

The Society, which continued to offer mortgages to teachers with smaller deposits throughout the 2020 lockdowns, was founded in the 1960s specifically to help teachers buy homes.

As part of its bid to support these professionals on their first challenging steps onto the property ladder, it offers lending of up to five times single or joint salary for first-time buyers.

The mutual also said it offered mortgages to Newly Qualified Teachers, enabling those commencing their first post this September to secure a mortgage on the basis of a job offer.

What’s more first-time buyers working as contract and supply teachers can also apply for mortgages with the provider.

The sale includes:

• Teacher Exclusive 2 year variable rate mortgage for 90% LTV 2.99% with NO FEE
• Teacher Exclusive 2 year variable rate mortgage for 95% LTV 3.50% with NO FEE