Teachers Building Society, whose products are available to intermediaries through its TFI brand, has announced an increase in the amount it will lend teachers and education professionals to support them buying a home. 

It will now offer mortgages of up to seven times income, an increase from the previous maximum of up to five times income, subject to affordability.

The Society’s new offer applies not just to teachers, but others working in the education sector, including teaching assistants, nursery workers, headteachers, supply and contract teachers and lecturers. For those purchasing with a partner, only one applicant needs to work in the education sector to be eligible. The Society offers mortgages up to 95% Loan to Value.

The increase means a single teacher on a salary of £33,000 can now borrow up to £196,400, a 19% increase over the previous maximum of £165,000 subject to criteria and full affordability assessment. 

Joint applicants, each earning £33,000, can now borrow up to £196,400, an additional £82,200, equivalent to a 25% increase on the previous maximum of £330,000 subject to criteria and full affordability assessment.

Chief executive Gavin Opperman says: “As a Society we recognised that we needed to do more to make home ownership 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.”

“Intermediaries can find out how much their clients working in education can borrow from Teachers Building Society by contacting the TFI team. The Society offers a range of fixed and variable rate mortgage options for teachers and those working in education which can be found on its TFI website.”