Teacher Mortgages

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What Mortgages Are Available For Teachers? 

Since the key worker mortgage scheme was dissolved, there are longer any mortgage products that are aimed specifically at teachers. There are lenders, however, who specialise in mortgages for teachers and offer mortgage deals to those in the teaching profession. 

Mortgage brokers who specialise in dealing with mortgages for teachers are best placed to help you address and overcome any of the job specific challenges that are incumbent with teaching. Some examples are: 

Newly Qualified Teachers

Newly qualified teachers are often on short term contracts, in fact, it can sometimes take up to four years to establish a permanent teaching position. 

Whilst unstable employment types always present a challenge to mortgage applications, there are specialist lenders who are willing to consider newly qualified teachers. These lenders are quite niche, but those brokers experienced in assisting teaching staff have good access to them.

Supply Teachers

Obtaining a mortgage offer as a supply teacher can be difficult. Ordinarily you will need to have at least a year of continued employment in order to be considered. That said, mortgage lenders who specialise in providing mortgages for teachers, may consider those with less than a year, in certain circumstances.

Retired Teachers

Retired teachers in receipt of a teacher’s pension, have an equal chance of securing a mortgage as any other retiree. You will also benefit from using a specialist lender. 

Whilst your full pension will be used to determine the loan amount you can borrow, they will also take your age into consideration when calculating the term.

Do I qualify for special rates?

Teachers and similar educational professionals often qualify for special mortgage rates and lower deposits. This is predominantly offered by those lenders who specialise in mortgage for teachers and offers will vary between lenders. 

You are likely to qualify for the above benefits if you’re employed either full or part-time as one of the following:

  • Fully qualified teacher/lecturer
  • Supply teacher
  • Newly qualified teacher (NQT)
  • Teaching assistant (NVQ level 3)
  • Children’s therapist
  • Nursery nurse (NVQ level 3)

Agency contractors and retired workers, as well as those in receipt of any type of educational grant or bursary, may also be considered for such benefits.

As a Teacher, and First Time Buyer, will it be tough to get a mortgage?

Teachers looking to buy their first home have the same access to mortgages as any other applicants. For those who are struggling to get onto the property ladder, there are a range of government schemes aimed at first time buyers, which many teachers will benefit from.

The Help to Buy equity loan, for example, tops up your 5% deposit to 25%, meaning you only need a 75% loan to value mortgage. The NewBuy and Shared Ownership Schemes may also be beneficial to those struggling to obtain a conventional mortgage. Mortgage advice from a broker who specialises in mortgages for teachers will provide further guidance.

Is it more difficult for Teachers to Remortgage or get Buy to Let Mortgages

Much like other mortgage types, those who work in the education sector have the same access to Buy To Let and Remortgage products, as those working in other industries. You may actually benefit from more flexibility from lenders as the job security and proof of income requirements tend to be more lenient than they are for most other professions.

Mortgage protection products

Many teachers enjoy additional employment perks, such as employment and mortgage protection policies. These can be helpful in gaining the trust of a lender, because your income is at less risk than it is for those without these securities. 

It’s important to be aware that some employee related benefits can have limitations, so it’s important to give consideration to additional mortgage protection, to ensure full cover. Mortgage brokers who specialise in teacher mortgages can also often recommend suitable mortgage protection policies.

How can Mortgage Brokers help Teachers?

Although there will be some high street lenders who offer special deals to those in the teaching profession, in order to gain a more complete perspective of the offers available to you, a broker that specialises in mortgages for teachers is recommended.

Those with knowledge in your profession will not only be able to point you to those lenders who specialise in teacher mortgages, they will be able to guide you to the most suitable deals for your individual circumstances. Mortgage Brokers can also take much of the administrative burden out of the application process, which is ideal for busy teaching staff. 

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