Mortgage Advisor & Director
Mortgage Advisor & Director
There’s no denying that teaching is a highly respected profession that elicits trust and stability, and mortgage lenders recognise this.
Certain mortgage providers provide perks in recognition of the valuable service educational professionals provide, and here, we explore the mortgage options available to teachers and how to get the best deal for you.
Are there special mortgages for teachers?
Teachers typically have access to the same range of mortgages as other applicants, and there are not really teacher-specific mortgages. That said, applicants from the education sector may benefit from preferential rates or terms, given their job security.
Teachers Building Society specialise in providing mortgages for teachers, but this won’t necessarily mean that their deals are the most suitable to all teachers. It’s a good idea to speak to a broker that specialises in helping teachers find a mortgage, such as ourselves, to ensure you find the best mortgage for your needs.
As a key-worker, they will also have priority access to the First Homes Scheme. This government initiative provides discounted starter homes to those struggling to get onto the property ladder. Applicants in key-worker roles are one of the demographics able to apply.
Perks are available to people in this profession
There are no universal perks given to those in the teaching profession, however, those in fully-employed positions can expect similar advantages as others with a professional qualification, such as doctors and solicitors. This could include:
- Preferential interest rates
- Higher lending multiples (of your annual income)
- Higher LTV - so, lower deposit requirement
- Less scrutiny of those in contractor roles
However, this varies considerably from one lender to the next and each applicant will be assessed on their full circumstances, as well as their profession.
Eligibility criteria
Criteria is similar to that of other mortgage applicants, such as:
- Deposit availability: Those with a larger deposit will be considered lower risk.
- Good credit history: Not essential but will improve your chances of landing a favourable deal.
- Employment type: Employed teachers will be considered lower risk than those on contracts, such as supply teachers.
- Property specific: Lenders will look at the property type, state of repair and resale-ability.
To qualify for any benefits that certain lenders offer specifically to teachers, you will usually need to be:
- A fully qualified teacher or lecturer
- A Teaching assistant (holding NVQ level 3)
- A newly-qualified teacher (NQT)
- A nursery nurse (holding NVQ level 3)
- A child therapist
Or in some cases:
- If you receive an educational grant or bursary
- If you’re a trainee teacher
- If you’re a supply teacher on a contract or working via an agency
How to get exclusive rates and deals
The best way to ensure you take full advantage of qualifying as a professional mortgage applicant is to approach a broker with knowledge and experience of securing mortgages for teachers and other educational professionals.
Our experts help to arrange teacher mortgages every day, so are familiar with those lenders that offer the most attractive rates and terms to applicants in this profession.
Below you can compare the latest rates and deals available for professionals or choose the option to jump straight into consultation with one of our mortgage advisers:
Compare mortgages for professionals for FREE
Supply teacher mortgages
As a supply teacher it can be more difficult to qualify for a mortgage than it is for your traditionally employed colleagues. However, there are plenty of lenders that are happy to
consider applications from those with part-time or non-permanent contracts. In fact, mortgages for self-employed supply teachers can be easier to arrange than for other contract-based professions.
However, many lenders will look at supply teacher income differently. Without a set contract length, teachers can be considered as zero-hour contract workers. This means that income is often calculated based on an average weekly income, rather than annually. Additional criteria usually apply when income is calculated this way, such as having to prove at least six to twelve months continued employment without breaks.
To find the best mortgages for supply teachers, it’s a particularly good idea to speak to a broker that specialises in teacher mortgages.
Newly qualified & trainee teacher mortgages
If you’re still training or a newly qualified teacher (an NQT) it will be easier to get a mortgage if you’re able to show that you have a permanent teaching role to progress into. In some cases lenders may ask for a larger deposit to balance out a shorter career history.
Because many newly qualified teachers tend to take on short term contracts before establishing a permanent position, however, it’s best to approach a lender that caters specifically for teaching staff, as they are more likely to be flexible with providing NQT mortgages.
Why choose Teito for your professional mortgage?
At Teito, we have plenty of experience helping all types of educational professionals to find the most suitable mortgage deal for their needs. Our experienced adviser can ensure that you take full advantage of the potential benefits offered to you as a teacher, no matter your employment type or length of service.
As well as expertise in assisting teachers, you’ll benefit from our:
- Free initial consultation
- Free comparison service that brings you the latest rates in seconds
- Broker exclusive deals
- 5-star rated service
Get in touch today to set up your totally free first consultation with a specialist in teacher mortgages, with absolutely no obligation.
FAQs
Retired teachers will have similar options to other retirees looking for a mortgage. There are mortgages specifically aimed at retirees, such as the RIO (retirement interest-only) mortgage, or you may be able to qualify for a standard mortgage, providing your teacher’s pension and other circumstances meet lender criteria.
Teacher pensions provide a stable source of income, and as such, you may be able to get approved with this as your main income.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.