Teachers Building Society has increased the amount it will lend teachers and education professions to up to 7 times income.
The society’s previous maximum was up to 5 times income, subject to affordability.
The new offer applies to teachers and 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 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.
Meanwhile, 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.
Teachers Building Society 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.”
