The Ultimate Supply Teacher Mortgage Guide
The definitive Supply Teacher Mortgage guide. Everything you need to know all in one place!
Can a Supply Teacher Get A Mortgage?
Yes. However, they may find it more difficult that someone on a permanent contract.
We usually find there are a few different situations for supply teachers:
- Long term supply teachers
- Short term supply teachers
- New supply teachers
The last is the most difficult usually. If you have recently become a supply teacher you may struggle. However, if you have more than 2 years of experience as a teacher you should have options.
Specialist Lenders for Supply Teachers
You have a few different lenders that have criteria that is beneficial for Supply Teachers. Teachers Building society being the most well known. They take a 6 month history.
There are other lenders that may be more preferable though, depending on your overall situation. That is why speaking to a specialist mortgage broker can save you money and time.
Do Supply teachers get help with buying a house UK?
They get help from us as we waive our broker fees for Teachers. They don’t have access to any products or schemes not available to others though.
The mortgage lenders that are good for supply teachers are usually high street banks that have criteria that is beneficial for Teachers.
Supply teaching and getting a mortgage
Getting a mortgage as a supply teacher may be more difficult than someone on a permanent contract. Many lenders think of you as on a zero hours contract, or even as a contractor.
You may even have to use mortgage deals that assess applications on a case by case basis.
Do supply teachers get better mortgage rates in the UK?
Generally they have access to the same mortgage rates as the rest of the UK. There are some lenders with special Professionals ranges for Teachers that let you borrow more.
Teachers can potentially borrow up to five times their income. However, this is unusual and usually it is up to 4.75 times your income as a maximum.
Contract & Supply Teacher Mortgage
You generally have a few different types of contracts:
- Fixed term contracts till the end of the year.
- Temporary contracts for a set period of time.
- Short term contracts on a week by week basis.
All of these can be considered for a mortgage. However, depending on which category you fall into there may be lenders that fit better for you.
Does it matter how long I have been A Supply Teacher?
Not only how long you have been supply, but how long you have been a Teacher in general.
There are three categories for this, and depending on which one you fall into you will have more options.
- Less than 6 months supply experience
- 6-12 months supply experience
- 12 months+ supply experience
Basically, the longer you have been in supply, the easier it is securing a mortgage.
Can I get a supply teacher mortgage with bad credit?
Bad credit may make getting a mortgage difficult, even if you haven’t been a supply teacher long you may still have options. Bad credit mortgages usually come down to:
- How long ago it was
- What it was for
- How much it was
If you have bad credit we recommend getting a copy of your credit report and then speaking to a qualified, expert advisor. If you want to see your credit report we recommend Checkmyfile.
What schemes are available for Supply Teachers?
There are several schemes available. They are all available now with the exception of the First Homes scheme which hasn’t been released yet.
The most well known scheme is probably the help to buy scheme. This is an equity loan the government lends to help first time buyers onto the property ladder. The help to buy scheme allows you to put down a 5% deposit and get a 75% mortgage, usually securing you a better mortgage rate.
Types Of Supply Teacher Mortgage
Fixed Rate Supply Teacher Mortgage
Fixed Rate mortgages offer a fixed rate of interest for a set amount of time. This therefore means that your monthly mortgage payment is also fixed.
This is the most common type of Mortgage used for a residential property.
This type of mortgage often has an early repayment charge if you try to pay off the mortgage during the fixed rate period. This can make them less flexible.
Variable Rate Supply Teacher Mortgage
Variable rate mortgages will have an interest rate that can go up or down depending on either the Bank of England base rate or the lenders variable rate.
This therefore means your monthly payments can also go up or down.
Often this type of mortgage will not have an early repayment charge, therefore making them more flexible.
Do I Need To Get A Permanent Teaching Job To Get A Mortgage?
Whilst having a permanent Teaching job will usually give you access to more lenders and products, it is more than possible to get a mortgage as a Supply Teacher.
Some lenders will assess on as little as 1 weeks payslip for a Supply Teacher Mortgage.
Can I Get A Mortgage On A Zero Hours Contract?
Some lenders may assess a Supply Teacher on a zero hours contract basis. This usually means they will look at your entire earnings over the last 12 months to get an impression of your income.
This can sometimes be beneficial for Teachers, as their income may fluctuate. However, not all lenders view Supply Teacher income like this, and will instead average the last payslip over the 12 months.
I’m Currently Supply And I Hope To Secure A Job In A School In September. However As An ECT This Will Likely Be On A 1 Year Fixed-Term Basis. Would I Be Better Off Staying On Supply To Show 12 Months Pay Slips?
Both options will have different lenders available. Some lenders treat ECT contracts as permanent, even though they are usually for 12 months for the first year or two.
This can therefore mean that you can get a mortgage as normal up to 5 months before that ECT position even begins.
Can family members help me get a mortgage?
There are multiple ways that family members can help you get a Supply Teacher mortgage. The most common two are:
- Gifted deposit – This is common among most lenders to allow you to be gifted a deposit by an immediate family member.
- Joint Borrower Sole Proprietor – This scheme allows you to use a close family members income to boost the amount you can borrow. This is usually viewed as a short term solution, early in your career to borrow more and get that forever home sooner.