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Mortgages for teachers

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Home Mortgage Help Mortgages for teachers

Mortgages for teachers

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About Martin Alexander

Martin has been a mortgage advisor for over 15 years. Check to see if you qualify or call us on 0800 195 0490.

Last Updated on 14th November 2020

Working as a teacher can be very rewarding and you may also benefit from certain perks. A perk that you may not be aware of, is that as a teacher it may be easier to get a mortgage.

Mortgage lenders often favour those in certain professions such as teaching. This is because as a teacher, you’re likely to have fewer issues with finding employment. Furthermore, teaching should provide you with a steady income suitable for a mortgage.

While some lenders offer ‘teacher mortgages’, other lenders are typically more flexible with applicants working in the education sector. Furthermore, teacher mortgage products won’t necessarily have the best rates and a regular mortgage may be more viable. As a result, it pays to shop around and do your research before applying.

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Why are mortgages for teachers easier to get?

It can sometimes be easier to get a mortgage if you’re a teacher. The main reason being is that lenders typically see teachers as low-risk applicants. This is because you have a career in education and are likely to be in the profession long term.

Lenders base their mortgage assessments largely on risk and affordability. This is why working in a certain profession can give lenders confidence in your application. For instance, professionals such as doctors, lawyers and accountants often find it easier to get a mortgage than others.

Lenders recognise that becoming a teacher isn’t a decision that you’ve perhaps taken lightly. As a result of making a career choice, it’s much less likely that you’ll change career paths at a later date. This can give lenders confidence that you’ll be able to pay your mortgage as time goes on.

Working as a teacher can also give you opportunities to progress through your career. Lenders also recognise this and that your income has the potential to increase over the years. Teaching is recognised as a secure profession as education will always be in need. That being said, being a teacher doesn’t guarantee you a mortgage as you’ll still need to meet the criteria of your lender.

Supply teachers and newly qualified teachers

If you’ve just started a new job, you’ll need to be careful choosing the lender you apply with. This is because certain situations can make you appear to be high risk and can cause your application to be declined.

If you’re a supply teacher on a temporary or zero-hour contract, applying with a suitable lender is crucial as some lenders will require you to have a full-time role. Again, this is where our advisors can help you find lenders that you’re eligible with.

Even if you’re struggling to get a mortgage as a teacher, there are specialist lenders that may consider you for a mortgage. There are also lenders that understand the education sector and may consider you if you’re newly qualified or don’t yet have a full-time contract. For instance, it’s common for newly qualified teachers to be first offered a one-year temporary contract. Some lenders are aware of this, however other lenders aren’t.

As a supply teacher, you may struggle to get a mortgage with a high street lender. Nonetheless, it’s possible to qualify with a specialist lender. This also doesn’t mean to say you’ll be offered higher rates than usual. Lenders will assess your entire situation, such as the amount of your deposit, savings and any other income you earn.

Mortgage lenders for teachers

There are lenders such as The Teacher’s Building Society that will only lend to teachers. That being said, it doesn’t necessarily mean you’ll get the best mortgage deal there. In fact, lenders that don’t offer specific mortgages for teachers may have better deals available.

Most lenders will vary in how they’ll assess mortgage applications. While most lenders will see teachers as low-risk applicants, you’ll still need to meet the rest of your lender’s criteria. Just because a lender advertises mortgages for teachers, it doesn’t mean to say that they’ll have the most competitive deals available.

It’s unlikely that you’d be able to check each deal across hundreds of lenders but that’s where our advisors can help. We’d compare deals from every lender that you’re eligible with to make sure you’re getting the very best deal possible. This is perhaps the only way to guarantee you’re not overpaying with a different lender elsewhere.

How much can I borrow as a teacher?

While most lenders will base their affordability assessments on three to five times your annual income, there’s still a lot more to consider. For instance, lenders will also take your expenses into account as well as any debt that you may have. Your credit history will also play a part in the amount you’re able to borrow.

Some lenders will also consider any overtime or bonuses that you receive, as well as any secondary income. Other lenders will simply use your teaching salary and won’t take any other income into account. This can be very important, especially if you’re relying on income from a secondary source or get a lot of income from overtime and bonuses. Furthermore, if you have bad credit, you risk being declined by applying with an unsuitable lender.

Your deposit amount will also make a difference in the mortgages you’re offered. For instance, having a 5% deposit will limit you to certain lenders. Having a larger deposit such as 10-20% will give you more lenders and deals to choose from. As a result, you’ll be in a stronger position to secure a better mortgage deal for yourself.

Read more: How much can I borrow for a mortgage?

Specialist mortgage advice for teachers

Our advisors understand that mortgages for teachers will vary depending on the applicant. Each applicant will always have a unique profile and as a result, certain lenders will stand out more than others.

Approaching the right lender also has a lot more to do with just being accepted for a mortgage. For instance, getting the most competitive deal and borrowing the amount you need is also crucial in getting the most from your mortgage. Even slight differences in rates may not seem like a lot, but over time you may be able to save thousands of pounds.

Our advisors specialise in mortgages for teachers and can help you every step of the way. It helps that we have a great understanding of the education sector, which helps us to maximise your borrowing potential. Our advisors are also able to liaise with underwriters to clear up any problems with your application if needed.

You can make an enquiry to get started. Our advisors will then call you back to explain what mortgages are possible.

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