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Are there specific mortgage products for teachers?

Are you currently working as a teacher and looking to remortgage your current property? Have you been offered a teaching position in another area and you are considering moving home? Whatever your situation, our mortgage team has a great deal of experience in securing mortgages for teachers and they can help you too.

 

There are many options when it comes to mortgages for teachers. There are a few lenders that provide specialist mortgage products for teachers. These products might not necessarily be the best fit for your circumstances and the deals may be less competitive than others on the market. These can sometimes be a good option if you work as a supply teacher as the lender will be more knowledgeable and understanding of the nature of your income. The lending criteria tend to be more flexible towards teachers improving your chances of securing a mortgage.

 

Teachers may also be eligible for a specialist type of mortgage known as a professional mortgage. These professional mortgages are available to those working in professional occupations such as doctors, vets, dentists and nurses. Professional mortgage criteria tends to be more flexible and may use higher income multiples compared to other mortgages.

 

Our friendly mortgage team can advise you on the available products and lenders, contact us to find out more.

 

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Mortgages for teachers: What criteria apply for teacher mortgages?

A lender will carry out a full assessment of your circumstances when considering whether to give you a mortgage. And whilst standard mortgage criteria will apply, a lender will also look at details relevant to your teaching career. They will review your teaching employment history, your income, your current credit commitments and your credit history. A lender will also pay attention to how much teaching experience you have and what basis you are employed on. I.e. whether you are a permanent employee, are working on a fixed-term contract or work on a supply basis. 

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Is it easier for teachers to get a mortgage?

Some teachers find it easier to secure a mortgage as lenders consider teaching a stable and secure job. How easy it will be to secure a mortgage will depend on your full circumstances including your debt, how much you want to borrow and your credit history. 

 

If you work as a supply teacher, the inconsistent nature of your employment and income can make it trickier to secure a mortgage when compared to teachers who are employed in permanent roles. The reason for this is due to the variance in earnings that a supply teacher can expect to receive. Supply teachers can find it harder to secure a mortgage if they go it alone. That’s why it’s worth working with our specialist team of mortgage advisors to improve your chances of securing a mortgage.

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How to get a mortgage as a teacher?

As a teacher, you’ll know the importance of good organisation in your day-to-day role. The same principles apply when considering taking out a mortgage. Before you start your mortgage application, there are a few things you can do to maximise your chances of success.

Have all of the necessary paperwork ready

Firstly, you should gather together all the paperwork you will need for your mortgage application. Our mortgage advisors will confirm exactly what you need to supply when you apply but if you are employed permanently, you’ll typically need to provide recent payslips, a P60 and your latest bank statements. For those who are on a fixed-term contract, you’ll also need to provide the same documents plus you’ll also need to provide a copy of your current and previous contracts. You may also have to provide proof of your next posting if your current contract is due to end soon. If you work as a supply teacher you may need to provide further documents. Speak to our friendly team who would be happy to provide further advice on what you’ll likely need to provide.

Explore your lender options

Keep your options open when it comes to choosing a lender. Our mortgage advisors have access to a wide range of lenders and can find the one that’s right for you. The team is also aware of more specialist and lesser-known lenders who might better suit your requirements. than the bigger traditional high street banks.

Choose the best interest rate and submit your application

Our team will talk through the deals that are available to you, going through the advantages and any disadvantages of each and taking into consideration your future plans. The team will make recommendations based on both the interest rates and the mortgage deal (fixed or variable). This is to ensure that the deal you choose is right for you and your long-term intentions for your property. I.e. whether it’s likely you’ll want to move house again in the next 5 years.

 

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How much can a teacher borrow for a mortgage?

The loan a teacher can borrow will depend on a variety of factors. These include your income, credit score, and personal finances although as a guide, on average you’ll be able to borrow approximately 4.5 -5.5 times your income. You may be able to borrow more but our team will be able to advise when you apply. Your employment status will also influence how much you can borrow, i.e. whether you are a permanent employee, working on a fixed-term contract, or are a supply teacher. To find out how much you can borrow, get in touch today.

Mortgages for teachers: supply teachers

Not all lenders will look favourably at supply teachers due to concerns over the stability of income. Lenders often assess supply teachers similarly to those on zero-hour contracts which can make it harder to secure a mortgage. This is not the same for all lenders, and as long as you have a track record of earnings in the role for 6-12 months, this will help your case. If you’ve previously been employed as a teacher on a permanent or fixed-rate contract this can also help improve your chances of securing a mortgage.

 

For the best chances of success, supply teachers should work with an experienced mortgage advisor. Our friendly and trustworthy team has secured mortgages for supply teachers and they can help you too.

Mortgages for teachers: trainee teachers

Trainee teachers often wonder whether they will be eligible to apply for a mortgage given that they aren’t yet working in the role or are in receipt of a steady income. Some lenders will lend to trainee teachers that are approaching the end of their training and have a job offer. There are also a select number of lenders who provide mortgages to trainees based on bursary income. The simplest way to apply for a mortgage as a trainee teacher is to speak to our specialist mortgage advisors. They will then make any mortgage recommendations based on your current work situation.

Secure a teacher mortgage with specialist support from Simple Fast Mortgage

By choosing to work with Simple Fast Mortgages, you can boost your chances of mortgage success. Our advisors are aware of the obstacles teachers face when applying for a mortgage and can help you overcome these. If you are fairly new to your teaching role, are currently on probation, work as a supply teacher or are employed on a fixed-term contract, we can help. 

 

Our team has over 20 years of experience in finding the right mortgage for our customers and we can find the right deal for you. We understand that you work long hours so we’ll handle the paperwork for you to make the process run as smoothly as possible. We’ll also liaise directly with the lender and your solicitor to help reduce your stress levels as much as possible.

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