This is available to joint or single income applicants through Teachers for Intermediaries and the mutual said it was part of its commitment to helping educators become homeowners.
The change will be subject to affordability and could see a single teacher earning £33,000 access a mortgage of up to £196,400, 19% higher than the previous maximum of £165,000.
Joint borrowers earning £33,000 each can borrow an additional £82,200 compared to the previous limit and an improvement of 25%.
Teachers Building Society will consider teachers, teaching assistants, nursery workers, headteachers, supply and contract teachers, and lecturers. For borrowers buying with a partner, just one applicant needs to be working in the education sector to be eligible.
Teachers Building Society will lend up to 95% loan to value (LTV).
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Gavin Opperman, chief executive of Teachers Building Society, said: “As a society, we recognised that we needed to do more to make homeownership a reality for those working in education and we’ve made this lending policy change to help make it possible for even more teachers to take their first steps onto the property ladder.”
