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Mortgages for Teachers

Mortgages for teachers

Looking at applying for mortgages for teachers?

Working within the teaching or education sector can be a rewarding profession to be in. None of us would be doing what we do best without learning the fundamental things from our teachers that are essential to life. As we’ve seen during the uncertain times of Covid-19, education is a key function in society and is seen as very much a secure profession. 

Being a teacher can also come with some great perks. 

Getting a mortgage as a teacher can be easier to obtain compared with other professions. Working within a ‘professional occupation’ lenders consider that you are likely to have fewer problems finding employment and that it provides a steady income. 

In this article, we look at mortgages for teachers and how you could benefit from them.  

Do teachers get special mortgages?

As we’ve said, mortgages for teachers in the UK can be slightly easier to obtain. Working within certain professions can give lenders confidence when they assess your application.

Once more lenders know there is room to progress your career and as a result, your income. 

Some lenders will therefore offer tailored mortgages for teachers, or at the very least offer a more flexible approach with applications, assessing them on a case by case basis.

However, just being a teacher doesn’t guarantee you a mortgage. As with all mortgages, you’ll also need to meet lenders criteria on:

  • Credit rating
  • Salary
  • Financial outgoings/affordability
  • Property type
  • Age

How do I get a teacher’s mortgage?

First of all, talking to an advisor who understands the education sector can maximise your borrowing potential. 

We know working within the teaching profession is not always straightforward.

Whether your newly qualified, working as a supply or as a contract teacher. Finding the right lender that fits with your circumstances is paramount. 

To qualify for mortgages for teachers lenders will look to see if you are:

  • A fully qualified teacher/lecturer
  • An NVQ Level 3 qualified teaching assistant
  • An NQT (newly qualified teacher)
  • An NVQ Level 3 qualified nursery nurse 
  • A supply teacher with a history of supply teaching
  • A children’s therapist

They’ll also want to see that you’re either:

  • On a full-time/part-time contract
  • Supply or agency based teacher
  • Retired from teaching
  • Receive educational related income grants and bursaries

Looking at some of these in more detail:

Can I get a mortgage as if I’m a supply teacher?

As a supply teacher lenders will view your application in the same way as anyone working through a temporary agency. To reduce the risk to themselves they’ll be looking for and asking questions especially around your current contract such as:

  • When did you start as supply?
  • How long have you been in the same school?
  • What did you do before this?

Working in supply for over 12 months, ideally within the same school can work in your favour with lenders. 

Can I get a mortgage if I’m on a temporary or fixed-term teaching contract?

Fixed-term or temporary teaching contracts are accepted with some lenders as above. However, lenders will want to see a history of employment and/or that you have a few months left on your current contract.

The longer you have on your contract and the longer your history of employment the better and the stronger your application will be.

Can I get a mortgage as an NQT (Newly Qualified Teacher) or trainee teacher?

As an NQT or trainee teacher, it’s typical that you’ll be on year-long contracts before you’re offered any permanent role. As a result, some lenders may decline an application but as you’re entering a professional occupation other lenders will treat them as permanent normal contracts. 

However, as with applications from anyone, if you have any recent adverse credit it may be a little more complicated. 

Can I get a mortgage as a retired teacher?

A teachers pension is as sustainable as any other occupational pension. Therefore, if you’re looking for a mortgage upon retirement your full pension will be used towards calculating your affordability.

Where can I get any special mortgage deals for teachers?

All lenders will take into consideration your circumstances, however, some mainstream lenders will offer specialised mortgages for teachers with enhanced deals for professionals including teachers. 

There are also a few lenders out there who offer mortgages exclusively to teachers. For example, The Teachers Building Society.  

However, it’s important that you get the best deal available to you and opting for a specialised mortgage may not always give you the best deal and rates. Comparing deals you’re eligible for guarantees you get the best possible deals and that you don’t end up overpaying with a lender. 

You’ll want to ensure you get:

  • The best possible rates
  • The best terms 
  • The best LTV (loan to value) offer
  • The right borrowing amount you require

You should also note that the deposit amount you have will also make a difference to the mortgage products you’re offered. As with any mortgage, having a deposit of between 10-20% will give you access to better deals than if you had a deposit of 5%.

Applying with a lender isn’t always about just being accepted for a mortgage, you want the best deals and borrowing amount you can get. You want to get the most out of your mortgage and all lenders will have slight differences, whether it’s in their rates or their terms. Having the right deal and one that suits your circumstances can save you money in the long run.

At the Online Mortgage Guru, we know that helpful and insightful advice can put your mind at ease at a time that could be stressful and daunting. 

Speaking with a mortgage advisor will help you to find the right lenders to match your personal circumstances. We work with whole of market brokers, so will have access to high street lenders right through to specialist lenders.

Rather than trawling the high street and agonising over your choice, you could save time and potentially a large amount of money.

Mortgage advisors who have the knowledge and an understanding of the education sector can help in getting the best mortgage for teachers secured. They can also liaise with lenders to help clear up any confusion during the application process.

Contact us at Online Mortgage Guru on 0345 3669799 or email us via info@theonlinemortgageguru.co.uk and we will put you in touch with a suitable specialist to handle your enquiry.  

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