Teacher Mortgage Calculator
Not sure how much you can borrow? Our teacher mortgage calculator will give you an idea of how much you may be able to borrow.
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Specialist Teacher Mortgage Calculator
Our specialist Teacher mortgage calculator is designed for Teachers to find out how much they may be able to borrow. Working in the education sector can make your income potentially complicated with possibly large deductions from your gross income. However, the below teacher mortgage calculator will give you an indication of how much you may be able to borrow.
This information is a guide only and should not be relied on as a recommendation or advice, that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
How to use our Teacher mortgage calculator
We’ve tried to keep our Teacher mortgage calculator really simple for you. All you have to do is enter your total annual household income into the box on the left and it will give you an indication of how much you may be able to borrow on the right. However, as with all mortgage calculators it isn’t 100% accurate. We highly recommend speaking to one of our advisors who will quickly tell you how much you may be able to borrow, completely free.
The types of income you should enter into our Teacher mortgage calculator include:
- Employed income
- Self employed income
- Bursary or stipend income
- Second jobs
- Maintenance payments
If you have any other income you may be able to use this as well. Always check with a professional. The one exception is any form of loan, these tend to not be able to be used as income.
Who can use a Teacher Mortgage Calculator?
A Teacher mortgage calculator is used primarily by Teachers. However, it could potentially be used by anyone working in the education industry. This can include many different job roles such as:
- SEN Teachers
- Teaching Assistants
- Trainee Teachers
- Supply Teachers
- Retired Teachers
There may be other job roles that can utilise a teacher mortgage, and if you feel you may be eligible you can contact one of our specialist Teacher mortgage advisors that can help.
Can I borrow more than the figure shown by the Teacher mortgage calculator?
You may be able to borrow more than the figure displayed when you enter your income. In general, lenders let people borrow between 4.5 and 5 times their income. However, professionals may be able to borrow as much as 6.5 times their income.
If you need to borrow more than the amount shown on our calculator you can speak to one of our advisors by completing the form at the top of the page. This is a quick, and no-commitment service that we do not charge for.
What is different about a Teacher mortgage calculator?
Our Teacher mortgage calculator takes into account income that other occupations may not be able to use. Such as bursary from being a trainee teacher, or supply teacher income.
Taking into account the different aspects of the education sector allows us to give you an approximate amount you may be able to borrow.
How do I calculate my Supply Teacher income?
There are a few different ways to calculate your supply teacher income when using a teacher mortgage calculator.
- The simplest method is to add up your total income over the last 12 months as Supply. This is what the majority of lenders will use for affordability.
- If you have been supply less than a year, but more than 6 months you can add up the last 6 months and multiply that by 2 to give an annual figure.
- If you have been a Supply teacher less than 6 months, but have worked in the education sector more than 2 years you need to add up the last 4 weeks. Divide that monthly figure by 4 to give a weekly average, and then multiply your weekly average by 46 to give an annual figure.
Some of these methods are a bit more complicated, and we highly recommend a supply teacher to get in touch with one of our specialist Teacher mortgage advisors to get an accurate maximum loan amount.