Teacher Mortgages

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What You Should Know About Teacher Mortgages

Is there a special Mortgage for teachers?

The first thing you should know is that ‘Teacher Mortgages’ don’t exist. You do have many options open to you though and being a teacher or education professional is seen as a stable profession by many lenders, so there are plenty of options available. 

Teacher mortgages for First Time Buyers

Teachers who are First Time Buyers have the same  mortgage options as anyone else. It shouldn’t be any more difficult for you to be accepted than for people in any other job as the criteria is the same for everyone.

Lenders will look at how much you earn and your credit score to see whether they can offer you a mortgage and how much they can lend you. A mortgage calculator can give you a rough idea of whether your earnings will be enough to get a mortgage and how much you might be able to get, but our Mortgage Advisers can work this out more accurately for you.

If you find it difficult to get a mortgage, some of the below government home ownership schemes might be helpful.

Help to Buy Scheme 

With this option you get a government loan of 20% of the cost of your home. This is added to your own deposit, you’ll need to find 5% by yourself, so that you have a 25% deposit in total. Having a larger deposit gives you access to better deals, but it can also mean your mortgage application will be accepted, as you’re borrowing less money overall.

NewBuy

If you are interested in a new build home, you may be able to get a 95% NewBuy mortgage, as long as the property is not more than £250,000 (£450,000 in London). NewBuy mortgages have a lower rate of interest and you will only need to have 5% deposit ready.

Shared Ownership

This one probably seems obvious.You buy a share of the property rather than the whole thing. This means you will need to borrow less on your mortgage and it’s a good way onto the property ladder for those people on lower incomes or with a poor credit history.

Remortgaging and Buy To Let for Teachers

If you are looking to move home or become a Buy to Let landlord, your mortgage options are, again, the same as they are for others.

Securing a mortgage can be easier as a teacher, because lenders are quite laid back about the proof of earnings you have to provide. Teaching is seen as stable, so you seem like less of a risk to lenders. 

Does it matter what teaching stage I’m at?

Newly Qualified Teachers 

As a newly qualified teachers, it’s quite normal for you to be on a shorter term contract for a few years before you take on a permanent teaching job. This can make your application a bit more difficult, but thankfully, there are independent banks and building society lenders who offer mortgages to Newly Qualified Teachers.

Supply Teacher

Supply teaching jobs are less stable than other teachers, so lenders are more careful with mortgage offers. Specialist mortgage providers are the most likely to offer you a mortgage and it will help if you can prove you’ve had at least a year of employment without breaks.

Retired Teachers

Retired teachers have the same chance of being accepted for a mortgage as any other retiree would. Your full teacher’s pension will be used to decide how much you can borrow and your age will also have an impact on their decision.

Mortgage protection products

Lots of teachers have employment and mortgage protection policies. If you have one, you should mention it to the mortgage lender because it can make it easier to get accepted. 

It’s important to note that employee insurance policies don’t always fully cover your mortgage payments, so it’s a good idea to think about extra mortgage protection, just to make sure you are completely covered.

How can Vivid Mortgages help teachers to find a mortgage?

At Vivid Mortgages, our Mortgage Brokers have helped plenty of teaching staff to find the right mortgage. We can put you in touch with the Mortgage Lenders who offer the most suitable mortgage based on your circumstances. 

We understand teachers have busy lives, so we will work around your timescale, taking over the stressful admin tasks involved with a mortgage application, so you don’t have to. 

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.  

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