Teachers Building Society mortgages available to non-teachers
Teachers Building Society is offering some generous income multiples and larger mortgage loans to non-teachers.
The society can lend five times income up to 90% loan-to-value providing the applicant fits the affordability calculations. It also provides more generous terms to teachers.
The lender can consider applications from applicants with pay rises or future incomes agreed - providing they have evidence of the pay rise or new job.
Newly qualified teachers can complete two months before their role commences subject to evidence being received that they have passed their PGCE before the mortgage offer being issued.
Teachers Building Society will also assess complex pay slips from NHS workers or police officers and it can consider 100% of the additional allowances and overtime that form part of the customers normal working shift pattern.
Aaron Strutt, product director at Trinity Financial, says: “Like many of the smaller building societies the lender is targeting a range of borrowers from first-time buyers wanting more generous mortgages to clients seeking £1 million mortgages.
“The lender has a range of fixed and tracker rates but they are more expensive than many of the high street providers.”
The Teachers BS was founded in 1966 when the National Union of Teacher bought the London Scottish Building Society to help teachers get on the property ladder. It started lending to non-teachers in November 2017.
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