The specialist intermediary lending arm of Teachers Building Society is making the mortgage available to first-time buyers from any profession via mortgage brokers.

Up to four applicants can apply for the mortgage but the sole proprietor is eligible to take on the mortgage alone at a later date if their financial position allows it, for example due to career and salary advancement.

As well as  being aimed at younger teachers who would benefit from familial financial help to get on the ladder, the JBSP mortgage from Teachers for Intermediaries is also available to borrowers from other professions with more complicated financial scenarios, particularly surrounding their income.

For example the younger borrower may have an irregular or fluctuating salary as a result of their line of work.

Applications from wealthy parents and grandparents who would like to provide financial support but whose own finances are complicated, with income based on a range of assets rather than ‘standard’ employment, are also welcomed.

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.”

He added: “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.”

Product details

• Standard JBSP mortgage maximum 80% LTV, loan size £20k to £1.5 million, residential property purchase only
• Complex JBSP mortgage (for those whose income sources or regularity varies) maximum 80% LTV, loan size £100k to £1.5 million, residential property purchase only
• Maximum four total applicants, maximum two providing financial support
• Maximum 70% LTV for both mortgage types where term age is past 70%.