In general, teaching is considered to be a stable career. This makes securing a mortgage easier than some other professions. However, there are some aspects of the job which can make it more difficult to secure a mortgage.
For example, if you work as a supply teacher, or if you are on a fixed term contract, this can make the application process more complicated. If you earn extra income through things like examination marking or private tutoring, it’s important to find a mortgage provider who will take these extra sources of income into consideration.
The good news is that there are many mortgage providers out there who understand the demands of working as a teacher – and we can help you find them. While there might not be mortgage products specifically designed for teachers, there are plenty of mortgage providers who understand and appreciate the profession.
This is why teachers enjoy some of the best rates on their mortgages. Read on to find out about mortgages for teachers at every stage of their career and how Niche Mortgage Info can help you get the best deal.
Mortgages for trainee teachers
If you are still completing your teacher training, you may be able to secure a mortgage as you near the end of your training. If you already have a job offer lined up, some mortgage providers will accept this as proof of future income. If you would rather wait to submit your application, you could apply for a mortgage in principle which will allow you to start the house hunt with a budget in mind.
Mortgages for newly qualified teachers
If you are newly qualified and have started working in a permanent full time role, you should have no trouble securing a mortgage. Approaching the right mortgage provider will help you to navigate the choices and ensure that your salary progression is taken into consideration when making affordability calculations.
If you are newly qualified, you should ensure that you make the most of any help to buy schemes available. This can help you to boost your deposit, or even purchase a property with just a 5% deposit. This can make a huge change to the type of property you are able to buy.
Mortgages for teaching assistants
If you are a teaching assistant, you may be on a low income and this can harm your prospects of getting on the property ladder. As a teaching assistant, you will be able to access something known as a key worker mortgage. This is a scheme designed to ensure that key workers for the government, civil service and education sector are able to access affordable housing. If you are on low income, you should also consider the help to buy scheme which will allow you to boost your deposit.
Mortgages for lecturers
If you are a lecturer in a higher or further education establishment, you should be able to access all mortgage products. Lecturers typically have good job stability and healthy earnings. This will put you in good stead with mortgage providers. If you’d like advice on securing the best rates, get in touch with our friendly team today.
Help to buy schemes for teachers
If you are buying your first home, there are several schemes available that you should consider. First, there is the key workers mortgage scheme which aims to make affordable housing accessible to all key workers.
You should also consider the help to buy scheme, which will boost your savings and allow you to offer a bigger deposit. This in turn will allow you to secure a better rate on your mortgage.
And finally, there is the equity loan scheme. This will allow you to buy a house with just a 5% deposit. You borrow 20% in an equity loan and your mortgage covers the other 75% of the house value. You won’t pay any fees on your loan for the first 5 years allowing you to pay this back interest free if possible.
Mortgages for teachers with bad credit
If you have poor credit history, this doesn’t have to hold you back from securing a mortgage. Debt problems can stay on your file for up to 7 years. Lenders recognise that something that happened 6 years ago isn’t necessarily a reflection of your current financial behaviour.
If you have steady income, a healthy deposit and your loan is affordable, a poor credit score is unlikely to hold you back. There are plenty of mortgage providers who specialise in poor credit mortgages and we can help you find the right one for your needs.
Buy to let mortgages for teachers
If you want to diversify your income, a buy to let mortgage could be a great way to save for retirement and enjoy a little extra income. Buy to let mortgages are different to residential mortgages. The rates may be higher and you may also need to provider a higher deposit. You won’t be able to use any help to buy schemes for a buy to let mortgage and you may also be required to offer a much higher deposit. This is usually around 25% but some lenders will ask for 20% while others will want a 40% deposit.
How can Niche Mortgage Info help?
We have experience in helping teachers at all stages in their careers secure a mortgage. As a specialist mortgage broker we can help to put you in contact with the lenders that will give you the best deal. If you are concerned about getting your application accepted, we can help advise you on which lenders are most likely to accept your application.
Following this, we can help with the application process. If you aren’t sure if you’re ready to apply for a mortgage, we can help you navigate the process. And finally, our website is a valuable resource for those looking for impartial advice. We help a wide range of professionals to secure a mortgage regardless of their circumstances.
If you’re ready to start the application process, get in touch with our friendly team today.