The products allow family members to gift a deposit and can be used on mortgages up to 95% LTV.
Family members are also able to remortgage their property to use as the gifted deposit and existing customers can obtain a further advance on their mortgage to use.
Anyone involved in the process can be a teacher or education professional – either the borrower purchasing the property, or the family member.
Simon Beresford, Chief Executive at Teacher Building Society, said: “At Teachers we are passionate about supporting teachers in their dream of owning their own home. With increasing house prices it can be difficult for people to raise funds for a deposit and these options mean that family members can help out.
In order to fully support teachers and education professionals throughout their career, anyone involved in the process can be a teacher – so we can help teachers supporting their children or teachers in need of support - and the relatives who can help include not only parents, but grandparents, siblings, aunts, uncles and more.
