Teacher Mortgage Advice for Education Staff
We're one of the UK's leading specialists in Teacher Mortgage Advice for Education staff. Speak to us today to see what we can do for you.
Competitive rates from High Street banks
Our expert advisors specialise in Teacher Mortgages. We have likely seen your problem every day.
Our clients include:
We can use your salary or bursary income to usually get your Teacher Mortgage with a High Street Lender.
In most circumstances we can help you borrow up to 5 times your gross annual salary. Using Teacher Mortgage lenders that offer fantastic exclusive deals.
About Teacher Mortgages - UK's Leading Teacher Mortgage Broker
If you’re reading this you are likely a Teacher that is having difficulty with their mortgage. We can help.
Get in touch today and one of our specialist Mortgage Advisors can give you an initial fee-free consultation. During the call we’ll assess your income and tell you how much you can afford to borrow.
If you are an NQT or Supply Teacher we can help you even on a fixed contract.
Give us five minutes of your time and we’ll advise you on how much you can borrow.
Find the right Teacher mortgage today
How much can I borrow?
This will vary from lender to lender. It will also vary depending on your circumstances. Sometimes established experienced Teachers can borrow more than an NQT.
Sometimes Supply Teachers can borrow more than both NQT and established Teachers.
We work with Lenders that will lend up to 5 or even 6 times your gross annual salary.
If you are a Trainee Teacher we work with Lenders that will use your Bursary income.
Teacher Mortgage SOLUTIONS
Do I Qualify For Mortgages For Teachers?
In order to qualify for Mortgages for Teachers you generally need to work in one of the following professions.
- Fully Qualified Teacher
- NVQ Level 3 Nursery Nurse
- Supply Teacher
- NVQ Level 3 Teaching Assistant
- Newly Qualified Teacher (NQT)
- Children’s Therapist
- Student Teacher
Generally you also need a contract, so for example Full time, part time, Supply Teacher etc.
Are There Mortgages For Teachers Who Are Newly Qualified?
As a Newly Qualified Teacher (NQT) you may struggle with finding a lender that will take you. To begin with, the problem is you are usually on a limited contract. As a result, you usually have little history of employment in the industry as I mentioned before.
The good news for you is that a mortgage does exist for NQTs and even Student Teachers and there are a few lenders that will be able to help. However, these are only a handful, so worth speaking to a specialist broker.
More on NQT mortgages here.
Do You Have A Teacher Mortgage Calculator?
We don’t have a Teacher Mortgage Calculator for you to use. The reason for that is it’s too complicated for a simple Teacher Mortgage Calculator to do the calculation’s required.
What we do have is a team of specialist Teacher Mortgage Advisors ready to help. We will tell you how much you can borrow over the phone and it usually takes less than ten minutes. We do this for free. If you would like to know how much you can borrow get in touch.
Getting a Mortgage With A Teacher’s Pension
Getting a mortgage with a Teacher’s pension is actually quite straightforward if you have the right lender. A pension is arguably one of the most secure and stable types of income out there, and you likely won’t struggle getting a Teacher mortgage with this.
Youi get lenders like Teachers Building Society often have specific criteria for Retired Teacher Mortgages. We cover retired mortgages here.
Do Teachers Get Special Mortgages?
There are some mortgage deals for Teachers can get from the likes of Teachers Building Society. However, they may not always be the best mortgages for Teachers. It will depend on your entire situation.
Generally, specialist products for Teachers are there if you don’t fit criteria with a High Street lender for one reason or another. This can happen quite often though, especially for Supply Teachers or Newly Qualified Teachers.
Getting Mortgages For Teachers With Bad Credit
Having a bad credit score can affect your ability to get mortgages for Teachers. We specialise in getting mortgages for teacher with bad credit.
When you have bad credit it’s important to check your credit file. For this we recommend Checkmyfile. You can do this here.
Depending on your entire situation, you my have some options. For example, you may have an employed position without a fixed contract. If your bad credit was longer ago this will also be a benefit to you.
Can Being A Teacher Help Me Get A Teacher Mortgage With Less Deposit?
Currently there are not any specific Mortgage schemes aimed at Teachers to help get mortgages for Teachers with a lower deposit. However there are a number of schemes available such as:
- Purchase a percentage of a property, and rent the rest! You can then usually buy more of the property later on when you can afford it.
- Purchase between 25-75% of the property, depending on how much you can afford
- Only available on new build properties
- More on Teacher shared ownership here.
Help To Buy
- This is an Equity loan from the government for 20% of the property price (15% in Scotland or 40% in London)
- The main benefit is only needing a 5% deposit
- Again, only on New build properties
- Potentially get a better rate as you only need a 75% mortgage.
- More on help to buy for Teachers here.
Right To Buy
- Allows you to purchase your Council property from the local authority at a discounted price
- Available on your local authority property
- Only available to qualifying council tenants, contact your Local authority for more info.
- This scheme will allow Key Workers and First time buyers to purchase a new build property for 70% of its value.
- The discount is a minimum of 30% so may be more depending on developer and location.
- When you sell the property, you will sell it at 70% of its value, so it will always have the same discount.
- Not available for second homes or buy to let properties.
- This scheme is not out yet, and details may change over time, we hope to know more by the end of the year.
Specialist Teacher Mortgage
The teaching profession can be lucrative. Teachers are often well-qualified and have excellent employment records, making them prime candidates to take out mortgages for homes of their own! But what about those who work outside the classroom? Well, not only do some banks look favourably on teachers as borrowers, but they also provide assistance that will help you get into this exclusive group by providing financial incentives or special programs just designed around educators’ needs.
Teaching is a challenging profession, and teachers can struggle with the financial burden of buying homes. Getting approved for Teacher mortgage loans may be difficult if you’re young or new in your career or, worse, a supply teacher. However, as a teacher, your occupation is seen as prestigious and comes with the bonus of being eligible for loans. Many lenders will be willing to offer you money if needed, and some schemes are targeted explicitly at educators looking into property ownership!
Educators are always on the lookout for loans to help them with their living expenses. However, some teachers have unique needs because of how much time they spend teaching and serving students’ interests outside of work hours. This usually includes higher rates or flexible repayment plans from niche lenders who know about these educational professionals’ unique situations!
Salaries may not be sky-high in the early years, but there is much opportunity for career progression, and you are unlikely to struggle. Both factors will work in your favour from both an employer’s point of view as well as that of a lender who offers loans tailored towards specialists like yourself!
Professional mortgage lenders offer more opportunities for qualified borrowers than regular banks do. For example, they will lend up to five times the salary with an experienced loan, compared to four and a half with an ordinary one-to-four family home or purchase contract line items (though there is some variation). You may need official certification to get accepted; teachers are not automatically eligible, but they have been able to find financing through these sources before without issue!
Can You Get Mortgage on Temporary Teaching Contract?
If you’re looking to get a mortgage for teachers, your contract with the bank must be secure. However- even if some lenders prefer permanent contracts over temporary ones or fixed-term agreements, show them strong employment history!
Can Supply Teacher Get Mortgage?
Assessing affordability for supply teachers is complicated because their income may vary from one month to the next. Some lenders will accept applications from these individuals. Still, it depends on how strong your employment history has been in previous positions and when you’re applying for this position as well – especially if there are gaps between jobs or periods without work at all!
How Can You Apply for Teacher Mortgage?
Applying for Teacher mortgages can be an arduous and often stressful process. If you don’t think that your ability to make ends meet is going to hold up in the future, it makes sense to talk with someone who has connections at broker firms and high-street lenders such as banks or building societies before applying directly. Through them yourself.”
There are many schemes for first-time buyers, and you must know about them all before deciding. For example:
There is The Help to Buy – which provides Government assistance towards the cost of your home purchase, or if buying an existing property, then there could be First Homes with up to £7000 knocked off its price. In addition, you can search online for a shared ownership property that is available in your area. To apply, you will need to deal with the relevant housing association running this scheme and have proof of income or savings and knowledge about how much money you are willing/able to work hard every month before being approved!
Will using a Specialist Mortgage Broker help?
Short answer is yes. However, let us explain that a bit more. Whilst we can’t speak for every Mortgage broker out there, we can explain how we offer mortgage help for teachers.
Packaging is what we call putting an application together in a way that makes the lender more likely to say ‘Yes!’ This is really key. And, as we do mortgages for Teachers day in and day out we’re pretty good at it.
Of course there is the financial cost when you’re buying a house. Even remortgaging it can get expensive. As a thank you for everything Teachers do we waive our broker fees for mortgages for Teachers.
Of course there is the other cost,- time. We save you time and money getting you the right mortgage with the right lender for your situation.
At Albion Forest Mortgages we have access to Exclusive deals that you cannot get direct. This, therefore, means there are times we absolutely save our clients money!