Are there special mortgages available to teachers?
Teachers can access a full range of mortgages, be that a fixed rate, or linked to the Bank of England Base Rate. They are eligible for both interest only and repayment mortgages.
As for whether there are special mortgages available for teachers, the answer is not specifically. However, some lenders offer very favourable rates and other incentives to attract teachers. In addition, teachers may take advantage of various government initiatives to help buyers, such as shared ownership and equity loan schemes.
How do I qualify for a teacher mortgage?
Lenders who specialise in mortgages for teachers will often offer attractive interest rates and enhanced mortgage rates. As with all borrowers, lenders will assess a teacher’s affordability on their income, career stage, commitments, deposit level and credit history. Given the nature of the profession, however, lenders look favourably upon teachers, making it somewhat easier for them to get a mortgage.
Qualified teachers who are firmly established in their career may be able to secure a specialist professional mortgage with enhanced income multiples, which makes it that much easier to move up the property ladder or remortgage.
Supply teachers are also eligible for a teachers mortgage deal, as long as they can provide evidence of their career history and income. Even those who have experienced periods of bad credit may be considered by some lenders.
As a trusted mortgage advisor, Goldmanread has the experience and contacts necessary to find lenders to suit your circumstances.
Is it different for newly qualified teachers to get a mortgage?
Many teachers who are starting out on their career will typically be first time buyers looking to get their foot on the property ladder. Newly qualified teachers are still eligible for a mortgage, though they will be treated as any ordinary borrower in that the mortgage available to them will depend on their financial circumstances. In particular, for newly qualified teachers, this tends to include student loan commitments.
The main advantage a newly qualified teacher will have over other applicants is that some lenders will consider enhanced income multiples given their likely career progression.
FAQs about Teacher Mortgages
Do I qualify if I am a supply teacher?
Yes, a mortgage lender will consider supply teachers as long as they can demonstrate a strong employment history and a regular income.
Do I qualify if I am a teaching assistant?
Yes, teaching assistants qualify for teacher mortgage deals, though they may not be eligible for the same enhanced income multiples available to fully qualified teachers.
Do I qualify if I am on a temporary teaching contract?
Yes, some lenders will consider those teachers on temporary contracts, as long as they can demonstrate a strong employment history and regular income.
