The product is available to all borrowers, not just teachers, and allows parents and grandparents to include their income to the overall affordability assessment.
The standard JBSP mortgage is available up to 80 per cent loan to value (LTV) for loan amounts between £25,000 and £1.5m. This has a rate of 3.19 per cent.
The complex alternative for those with irregular incomes is also available up to 80 per cent LTV for loan amounts between £100,000 to £1.5m. This has a rate between 2.9 per cent and 3.4 per cent which varies based on borrowing requirements.
For applicants over the age of 70, the LTV is restricted to 70 per cent.
David Leek, head of product and marketing at Teachers Building Society, said: “We know it’s really hard for many first-time buyers to get on to the housing ladder. Whilst many parents and grandparents are keen to help their younger relations buy their first home, a lump sum gift towards a deposit won’t necessarily make enough difference to affordability for them to be able to purchase a home on a lower income or in a high value area.
“Even after years of saving first-time buyers can find price rises have outstripped buying power in affluent areas, which buying earlier with support can help avoid.”
“We’ve always focussed on helping young professionals buy their first homes and are delighted to be able to offer them another route to home ownership with our new product,” he added.
