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Teacher Mortgages - Finding a deal to suit you

We’re often approached by busy teachers who find it difficult to prioritise the time to research and compare mortgage deals. Fortunately, we’re here to help – we can explore the options on your behalf.

It doesn’t matter whether you’re a First Time Buyer, are moving or looking to remortgage, we will narrow down the choices and make detailed recommendations.

Are there special mortgages just for Teachers?

A few years ago the government launched ‘key worker’ mortgages to help teachers, NHS staff and other public sector professionals get on the property ladder. These were, however, discontinued in 2019.

While there aren’t any unique mortgage products for teachers now, many lenders regard teachers as good customers. Because teachers do such an important job and are so employable, a lot of lenders will offer you a competitive deal on your mortgage.

How much will I be able to borrow?

In general, lenders tend to offer around four times a person’s salary to buy a home. But if you are hoping for more, that still may be possible.

Applying for a joint mortgage with a family member or partner should increase the total loan – your two incomes will be added together for the calculation. Or, if you save up a larger deposit you’ll be more appealing to lenders and they could stretch to a higher loan.

The amount you can borrow, and the mortgage rates offered are affected by your credit history. Having bad credit doesn’t always mean you are unable to buy a home, but you might need a bigger deposit or to pay higher interest rates.

Teacher mortgages for First Time Buyers, Buy to Let and Remortgaging

It shouldn’t be a problem for you to find a mortgage, whether you’re a First Time Buyer or are looking to remortgage, as long as your credit score is healthy.

The same applies for Buy to Let mortgages, although these tend to have higher rates than standard mortgages and often require a greater deposit.

The general process for getting a mortgage is to use a calculator tool to work out how much you can potentially borrow and what the repayments on your mortgage are likely to be. Then it’s a question of comparing lenders to see who will offer you the most appealing deal.

Mortgages for NQTs and Supply Teachers

If you are newly qualified as a teacher you might worry that you will be unable to get on the property ladder. You may have received little income during training and you might only be on probation or a temporary contract in your first job.

Fortunately, certain mortgage companies will recognise your potential and the importance of working in education. Through their belief in your future career you can still secure a decent mortgage deal.

Similarly, supply teachers have a less predictable income than a salaried, permanent teacher. While this can make you seem riskier to a lender, certain building societies or other lenders are happy to provide supply teacher mortgages.

Further help to buy a home

On top of this, you can look at the various UK Help to Buy schemes designed to make it easier to buy a home.

A Help to Buy Equity Loan, for example, allows you to buy with just 5% deposit, provided the property is a new build home. Meanwhile, the Shared Ownership Scheme means you can buy a 25% to 75% share of a home, paying rent on the rest and potentially increasing your share over time.

Mortgage and Home Protection Products

There are a few insurance products that are either necessary or can be beneficial for homeowners.

Usually, your mortgage provider will want proof of life insurance, so that your mortgage will be paid in the unlikely event of your death. They will also request evidence of your buildings insurance, to cover the cost of rebuilding the property if destroyed by a fire or a major accident.

Other products that you might want to consider include contents insurance, critical illness cover and income protection.

How can a Mortgage Broker help me as a Teacher?

We have helped many teachers secure a mortgage and buy a home. As Appointed Representatives of Openwork, Mortgages by McAteer is fully authorised and regulated by the Financial Conduct Authority in providing mortgage advice.

We’ll get to know you and your personal situation so that we can recommend lenders who offer competitive teacher mortgages – and any other financial support you might need. Teachers appreciate us taking the stress out of finding a suitable mortgage deal.