New Supply Teacher Mortgage launched

New Supply Teacher Mortgage launched

The Teachers Building Society has launched a new Supply Teacher Mortgage aimed at supply teachers looking to purchase or remortgage a property either on their own or jointly.

The two-year discounted variable rate of 3.29% is available to supply teachers with one academic year’s/12 months supply teaching history in the area they wish to buy.

It is available ups to 80% LTV and can be used for purchase and remortgage.

It comes with an £899 arrangement fee and £99 application fee.

Andy Yates, business development manager at the Teachers Building Society, said: “We are dedicated to helping teachers move home and remortgage and our focus in recent years has been to provide mortgages to meet the needs of all teachers wherever they are in their life cycle – from Newly Qualified Teachers (NQTs) to those approaching retirement.

“Now, following some research among supply teachers, we are launching our new Supply Teacher Mortgage to help those working on a day-rate basis. The nature of their employment can be a barrier to getting a mortgage, even when they have a long-standing employment history, and we’re delighted to be able to offer some help with their mortgage needs. Supply teachers in a joint application scenario with a permanently employed partner may have access to a wider range of options from us, too.”