The mortgage is offered at up to 80% LTV, so eligible buyers who achieve the maximum 20% equity loan may not need a deposit to apply.
The three-year fix is available up to 80% LTV at a rate of 5.79%, including an arrangement fee of £799. Early repayment charges apply during the fixed rate period.
Alan Gravett, head of sales and marketing at Teachers BS, said: “We have a history of supporting the government’s affordable home buying initiatives and we expect that the FirstBuy scheme will prove to be an ideal solution for many looking to take that vital first step on the property ladder.
“Once again, we’re providing a mortgage to support a HomeBuy equity loan scheme to help those buyers who have not been able to save a meaningful deposit for a first home. We will be welcoming applications from teachers and education professionals and also anyone living in our local BH or DT postal areas.”
Other lenders supporting the government’s FirstBuy Direct scheme include NatWest, Halifax, Nationwide, Barclays and Melton Mowbray Building Society.
