The Dorset-based mutual said it had opened its criteria to meet the changing education landscape by allowing newly qualified teachers on 12 month contracts access to its 95% loan-to-value product at 4.89%.
The minimum income requirement for applicants working in the teaching profession has been reduced from £15,000 to £13,000 to target classroom assistants and teachers working part-time. Teaching assistants are also no longer required to hold an NVQ Level 3.
Anne Maton, marketing manager at Teachers Building Society, said: “We were founded to help teachers buy their first home, so it’s only right that we adapt our lending criteria to be relevant to the state of play in the teaching profession.
“Teachers are, in our experience, a prudent and reliable group with high employment, so we’re comfortable that extending our criteria in this way carries minimal risk. Alongside our very competitive 95% LTV and Help to Buy products, I’m confident that we have a lot to offer first-time buyer teachers.”
Sally Laker, managing director at Mortgage Intelligence, said: “Teachers couple competitive products with a flexible and personal underwriting approach. These new criteria enhancements will continue to make Teachers an attractive lending proposition for our advisers.”