Teachers Building Society has increased its maximum mortgage borrowing from 5 to 7 times income (single or joint) for teachers and other education professionals.
The increase means a single teacher on a salary of £33,000 can now borrow up to £196,400, a 19% increase over the previous maximum of £165,000, subject to criteria and full affordability assessment.
Joint applicants, each earning £33,000, can now borrow up to £412,200, an additional £82,200 or a 25% increase on the previous maximum of £330,000.
The Society’s new offer applies not just to teachers, but others working in the education sector, including teaching assistants, nursery workers, headteachers, supply and contract teachers, and lecturers.
For those purchasing with a partner, only one applicant needs to work in the education sector to be eligible.
The Society offers mortgages up to 95% LTV for first-time buyers, home-movers and remortgagors.
Its specific new teacher lending criteria means it treats new teacher first year contracts as permanent positions - the lender doesn't require previous employment history or three payslips.
The Society also lends to supply teachers based on seeing two terms evidenced income in the area they're planning to buy.
