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Teacher Mortgages – how to find a good deal
Teachers have a very busy workload which can make it hard to find time to research mortgage options. Your home-buying plans are important, so let us make it easy for you.
We help First Time Buyers, home movers and teachers seeking a remortgage to compare the options and achieve their property goals.
Are there special mortgages for teachers?
In years gone by the government brought in special key worker mortgages, designed to help NHS employees, teachers and other public sector workers buy a home. These mortgages were discontinued in 2019.
There are no unique mortgages for people in the education sector now, but to most lenders, teachers are valuable customers. Some companies make special allowances in assessing teachers for a mortgage, and others take your future earning potential into consideration.
How much can teachers borrow on a mortgage?
The amount you can borrow is related to your income. Most lenders will offer a loan totalling around four times your salary, although some may offer more.
When working out your property budget, make sure the monthly repayments on your mortgage are going to be affordable. If you fall behind on the mortgage, you risk losing your home.
The amount you can borrow will also depend on your credit score. Good credit will get you the best rates and widest choice of lenders. A bad credit rating doesn’t necessarily stop you getting a mortgage, however.
Supply Teachers and NQT Mortgages
Supply teachers have a less predictable income than a salaried teacher, which can make it harder to get on the property ladder. There are many lenders that accept supply teachers, though. It just takes a little research – or support from a good mortgage advisor.
Newly Qualified Teachers sometimes find it tricky to get a mortgage too, because income is low during training, which can limit mortgage values. Plus, if you’re on a temporary contract or probation as an NQT, this can deter some lenders.
The good news is that most banks and building societies welcome applications from education professionals. Teachers are in great demand, so you have excellent employability and career progression. Many lenders will take this into consideration and offer you a competitive mortgage deal.
Speak To An Expert
We’re able to tap into our local knowledge to guide you through your house purchase in your chosen area.
Teacher mortgages for First Time Buyers, Buy to Let and Remortgage
Provided you’re in a teaching role at the moment and have a good credit record, you shouldn’t have any problems finding a mortgage. That’s true if you’re a First Time Buyer, need to remortgage or are interested in Buy to Let products.
Buy to Let mortgages often have higher interest rates and need a deposit of around 25%. Often, you will need to own your own home to qualify.
Help to Buy for teachers
Various Government Help to Buy schemes could make it easier to buy a home. An Equity Loan, for example, means you can buy a new build property with just a 5% deposit. Meanwhile, with the Shared Ownership Scheme you can buy a 25% to 75% share in a home. You pay rent on the rest and can increase your share over time as your salary rises.
Mortgage Protection Products
Buying a home is probably the biggest financial commitment you’ll make, so most people choose to buy protection products that protect the property, your family and your possessions.
You will need life insurance for most mortgages, so that the debt is paid off in the event of your death. Also required is buildings insurance, which covers the cost of rebuilding the property if there were a major accident or fire.
Other insurance products might also suit you. The most common ones to consider are contents insurance, income protection and critical illness cover.
Can Mortgage Brokers help with Teacher Mortgages?
We help many teachers to explore and compare their mortgage options. We talk to you about your circumstances, finances and property goals, and advise you on the most appropriate mortgage products. We then approach mortgage lenders who encourage applications from teachers, and continue to support you throughout the mortgage application process.
We are fully authorised and regulated by the Financial Conduct Authority to provide mortgage advice. As an Appointed Representative, registered in England, we take away the stress and time required to find a good value mortgage deal.
Why Choose Us?
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