Trainee Teacher Mortgage
Everything you need to know about getting a Trainee Teacher Mortgage. Everything you need to know all in one place!
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Can you apply for a mortgage as a trainee teacher?
Yes, this is a common problem we have from our clients. Another mortgage broker has told them they can’t have a mortgage.
However, we deal with this on a weekly basis and have helped many Trainee teachers get their homes.
It’s quite common while you’re training to want to use your bursary income to get a mortgage in preparation for your NQT year.
More on NQT Mortgages here.
What type of Mortgage is there for teacher trainees?
Generally there are the same mortgage products available for trainee teachers. However, you will be limited on lenders. Only a few lenders take bursary income such as Barclays.
Once you get your Newly qualified teacher contract it doesn’t get much easier. You can get your contract as early as January, which may help but sometimes we can use this income instead of your bursary.
How do I apply for Mortgages for trainee teachers?
The simplest way is to speak to a specialist mortgage advisor such as ourselves. Not only do we package your application to make sure you have the best chance of success. We also make sure your application goes to the right lender.
However, you can of course do it yourself. We’ve even given you some of the lenders names that you may be able to use.
Can I get a Trainee Teacher mortgage with Bad Credit?
Bad credit may make it more difficult to get your trainee teacher mortgage. However, depending on how bad it is and how long ago it was you may still have options.
If you have bad credit we recommend you get a copy of your credit report from an agency such as Checkmyfile.
Once you’ve seen what the problem is, speak to a specialist and they can advise you on what your options are.
What is a trainee teacher mortgage?
A trainee teacher mortgage is just what we call a mortgage for a trainee teacher. There isn’t any particular products for trainee teachers.
More accurately there are mortgage lenders that are a good fit with trainee teachers and have criteria that fits for you.
Is a trainee teacher mortgage the right choice for you?
If you are a student teacher studying your PGCE you probably have very few options.
A student teacher mortgage will usually be your only option if you are still studying. Unless you have your NQT contract for the following year. In that case you may be able to use your NQT contract as long as you complete after June.
What if you have student loan debt?
Student loan debt will be taken into affordability. However, as a trainee you will likely not be paying it back yet.
Different lenders view Student loan debt differently, so when finding a lender it will be a good idea to speak to a qualified expert teacher mortgage advisor.
What income can I use for a Trainee Teacher Mortgage?
You can generally use your Bursary income, and any part time income you may have. You can also potentially use a family members income using the Joint borrower sole proprietor scheme to top up your income.
Trainee Teacher Mortgage Schemes
You have a few options for Trainee teacher mortgage schemes, however they may not accept your bursary income.
I’ve previously been a supply teacher and now I’m training, can I get a Trainee Teacher Mortgage?
We work with lots of Supply Teachers. They quite often go on to do their PGCE and receive a bursary that year.
Not having a permanent contract can make life difficult. However, we can usually use your bursary income to get you a mortgage.
More on supply teacher mortgages here.
Initial Teacher Training (ITT) Mortgage
ITT or Initial Teacher Training is the new way of saying Trainee Teacher, or Student Teacher.
If you are on the ITT scheme, you can get an ITT Mortgage in the same way as we have helped trainee teachers with their Bursary mortgage before.
Sometimes the new ITT scheme will call your income a grant rather than a bursary, this is viewed in the same way and we can still very much help those with an Initial Teacher Training (ITT) Mortgage.