Mortgages For Lecturers

The Definitive guide to Mortgages for Lecturers. Everything you need to know all in one place!

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What Difficulties Do You Get With Mortgages For Lecturers?

Lecturers may come up against problems when applying for a mortgage. You may often be on a fixed term contract or have multiple jobs.

The most common things we see when we talk to Lecturers are:

  • Fixed term contracts
  • More than one lecturing position
  • Long hours that lenders may not feel are sustainable.

However, with all these issues we find that Lecturers are often viewed the same as Teachers by lenders that just want to make sure they are being responsible with their lending.

Lenders often have specialist products for professionals that usually apply to Lecturers much like it applies to Teachers. These products often have higher income multiples due to your steady progression of pay increases.

Who Can Get Mortgages For Lecturers?

Lecturers can obviously get Mortgages for Lecturers. Whilst there are no specific products for Lecturers many lenders have professional product ranges.

This means that you can usually borrow more, and have access to specialist deals that may not be available to the general public.

How Much Can I Borrow As A Lecturer?

In general most lenders will cap the amount they will lend to a maximum of 4.49 times your income. This may vary slightly lender to lender.

However, for professionals you can usually borrow up to five times your income or potentially even more. This will usually also be affected by how much your outgoings come to.

We don’t have a mortgage calculator as they are incredibly inaccurate, we will however tell you exactly how much you can borrow if you can spare us ten minutes over the phone.

What Schemes Are Available For Mortgages For Lecturers?

Shared Ownership

The Shared ownership scheme is probably the oldest one mentioned in this article.
Essentially it allows you to part rent and part buy your home. This therefore means that you can get on the property ladder with a smaller deposit or a smaller income.

Right To Buy

The right to buy scheme generally offers people in eligible council properties the opportunity to buy their council home. Usually at a discount. This can be a fantastic way to get on the property ladder.

Government Help To Buy Scheme

Probably the most popular of the schemes mentioned is the Help to Buy Scheme. Offering a 20% equity loan allowing you to put down a 5% deposit and get a 75% mortgage. This usually means lower monthly payments and a lower interest rate.

Government First Homes Scheme

This scheme has not been released yet. However, when it is released it will be a minimum 30% discount for Key Workers and First Time Buyers. This means it may be perfect for Lecturers.

Can I Get Mortgage Help For University Lecturers?

Lecturers are eligible for the same scheme as everyone else. They can usually access higher income multiples. There isn’t really mortgage help for University Lecturers.

However, at Teacher Mortgages we give education staff £399 off our fees so we pride ourselves on offering Mortgage Help For Teachers.

What Types Of Mortgages For Lecturers Are There?

There are lots of different types of mortgage available for Lecturers, however, they basically boil down to two varieties.

 

Fixed Rate Mortgages

Fixed Rate Mortgages have a fixed rate of interest for a set amount of time. This means that usually your monthly payments will also remain the same throughout this period.

These are probably the most common type of mortgage as most people want to know what their outgoings will be throughout that initial period.

Variable Rate Mortgages

You get different types of Variable rate mortgages such as Discount or Tracker mortgages. They go up and down usually based on either the Bank of England Base rate or the lenders Standard Variable rate.

These types of mortgages often don’t have early repayment charges and therefore make them a bit more flexible.

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 a Mortgage With Bad Credit

Having a bad credit score can affect your ability to get mortgages for Lecturers. We specialise in getting mortgages for Lecturers 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.

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

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.

Cost

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.

Exclusive Deals

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!

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