Mortgages For Teachers

Teachers provide a vital service to society but can be misunderstood when applying for a mortgage. Lenders can look favourably upon those in the profession because of its steadfast nature. Teachers might even be able to borrow more because of their profession.

That said, teaching encompasses a wide variety of roles and contract types, not to mention a very broad salary scale. So while some teachers may find it easy to get a mortgage, others may struggle to get the deal they want.

Are there special mortgages for teachers?

Teachers can apply for standard mortgages that are available to all, but sometimes lenders can offer products aimed exclusively at teachers.

To meet eligibility criteria for one of these deals, you typically need to be a:

• fully qualified teacher or lecturer
• teaching assistant or nursery nurse with NVQ Level 3
• supply teacher with a track record
• children’s therapist

It’s usually necessary for you to have a full-time, part-time, supply teacher or agency-based contract.

However, there is a building society that was set up with the sole purpose of helping teachers get mortgages. They commonly offer products at lower rates to teachers. It is still important to research the market, though, as other lenders may also be able to consider you and could have lower rates available.

Mortgages for newly qualified teachers

Your first teaching position is rarely a permanent one. Instead, newly qualified teachers are often offered a twelve-month fixed-term contract, which can be renewed multiple times until a permanent position becomes available.

Some lenders view the lack of a permanent contract as a concern. They need to ensure you can pay the mortgage back not just now, but in the future as well. Because of this, newly qualified teachers can struggle to find lenders that may offer them mortgages.

However, some lenders offer special products to newly qualified professionals. These products could offer a lower rate or give you the opportunity to borrow more than people in other professions. Lenders recognise that your income is likely to increase quickly, and they see the career choice as a stable one. You may need a permanent contract to apply for one of these products.

With specialist advice, it’s more than possible to find a mortgage as a newly qualified teacher.

Mortgages for supply teachers

Supply teachers rarely have consistent and reliable work because of the nature of supply teaching. This, of course, can cause problems when the time comes to apply for mortgages.

Getting a mortgage as a supply teacher is usually best served by having a history of supply teaching. That way, lenders can see some consistency. They may wish to look at your earnings from supply teaching for the past two years. If you haven’t been working as a supply teacher for that long, we might still be able to help.