Compare Mortgage Rates from Teachers Building Society starting at 4.49%

Teachers Building Society is a specialist, mutual building society with a mission to help teachers and other education professionals in England and Wales get onto the property ladder.

They are experts in understanding the unique financial circumstances of the teaching profession, from complex employment contracts to specific career progression paths. While their focus is on educators, they also offer mortgages to borrowers in other professions.

You can compare the latest rates from Teachers Building Society with their competitors from across the market using our free mortgage-sourcing tool below.

Who are Teachers Building Society?

Founded in 1966 by a group of teachers, the society's core purpose has always been to support those in the education sector. As a mutual, it is owned by its members, not by shareholders, so its focus is on providing a personal and fair service.

Their key strength is their manual, individual underwriting process. This means every application is assessed by a person who truly understands the nuances of a teacher's pay slip and contract type. They look beyond the algorithms used by big banks to make a common-sense decision.

What are they known for?

Teachers Building Society has built its reputation on being the go-to lender for the education community.

Mortgages Designed for Teachers

This is their main specialism. They have a deep understanding of the challenges teachers can face when applying for a mortgage and have criteria specifically designed to help:

• Newly Qualified Teachers (NQTs): They can consider lending based on a future permanent contract, even before you've received your first pay slip.

• Supply Teachers: They can assess income for supply teachers with a proven track record, a group often rejected by high-street lenders.

• Fixed-Term Contracts: They take a pragmatic view of teachers on temporary or fixed-term contracts, which are common in the profession.

• Maternity Leave: They have a clear policy for assessing income for applicants who are on, or soon to be on, maternity leave.

Other Specialist Areas

While their focus is on education, they also offer a range of other useful products:

• Shared Ownership: They are a key supporter of the Shared Ownership scheme, helping people buy a share of a home and pay rent on the rest.

• Mortgages for Later Life: They are flexible on age and participate in the Retirement Interest-Only (RIO) market.

Pros and Cons of a Teachers Building Society Mortgage

Pros:

• Unrivalled Expertise: They understand the teaching profession's pay and contract structures better than anyone else.

• Flexible Underwriting: Their manual approach is perfect for NQTs, supply teachers, and those with complex employment.

• Personal Service: As a smaller society, you can expect a more personal and accessible service.

• Mutual Ethos: They are run for the benefit of their members.

Cons:

• Niche Focus: While they lend to non-teachers, their most unique and beneficial criteria are reserved for education professionals.

• Rates May Be Higher: Their interest rates may not always be the absolute cheapest on the market compared to the "best buy" deals from the biggest banks.

• Not as Tech-Focused: As a smaller, traditional society, their online processes might not be as slick as modern challenger banks.

How to apply

Teachers Building Society offers two main routes to get a mortgage:

1. Directly: You can apply yourself by speaking to their in-house mortgage advisers over the phone, but this would limit you to only their deals.

2. Through a Mortgage Broker (recommended): You can also use an independent mortgage adviser who can access their products and manage the application for you.

Get started here to begin a free, no-obligation chat with a mortgage broker who specialises in Teachers Building Society’s product range and can help you determine if they’re your best option.