The Definitive guide to getting a Teacher Mortgage. Everything you need to know all in one place!
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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.
Can I Get A Mortgage With A Fixed Term Or Temporary Teaching Contract?
You can usually get mortgages for Teachers with a fixed term or temporary contract, as long as you can evidence a history of similar contracts, or have a decent length left on the contract.
Therefore, with anything like this, the longer you have been in that position, and the longer you have left, the better Lenders will view this.
You will also benefit from being a Teacher for longer. If you have a few years experience as a Teacher and have recently gone on to a shorter term contract or even Supply work you may still have options.
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.
Getting a Mortgage For Supply Teachers
As a Supply Teacher your work is not guaranteed, and lenders can be a bit cautious around this. Most lenders require a 12 month track record at least, some even more! However, some lenders require a shorter history, but not many.
The good news is that even with a shorter history there are lenders that will accept this, even if you only have a few months there are lenders that will consider it.
We have a supply Teacher page here.
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.
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.
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 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.
Teachers Mortgage Calculator
We don’t have Teachers Mortgage Calculator. This is because so much comes into working out how much you can borrow that a Teachers Mortgage Calculator wouldn’t be accurate. You can borrow up to five times your income.
However, if you give us a call we can tell you how much you can borrow over the phone. It usually takes around ten minutes and we do it for free.
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!