Supply Teacher Mortgage
The ultimate Supply Teacher Mortgage guide. Everything you need to know all in one place!
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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.