Head of Content
Mortgage Advisor & Director
Getting a mortgage as a teacher
As a teacher, you will be pleased to hear that there are many great options on your new mortgage, and getting a great deal can be more straightforward than for other professions.
Seen as a stable, long-term career by lenders, they are generally open to offering preferential rates, higher Loan to Value (LTV) options and flexible criteria.
There are specialist lenders who work with teaching professionals, and as a whole-of-market mortgage broker, Teito has access to deals not available to the general public. Complete our online form now to get started, or carry on reading to learn more.
Do I qualify for a teacher mortgage?
As long as you are one of the following, you can apply for a mortgage as a teacher:
- a fully qualified teacher or lecturer,
- a supply teacher,
- a teaching assistant,
- a nursery nurse or child therapist.
Ideally, you will be on a full time, part-time, supply teacher or agency-based contract, however, you may still qualify if you are a retired teacher or on another contract type.
What if I have a fixed-term or temporary teaching contract?
Even if you are not on a permanent employment contract, several lenders will be willing to accept your application.
It helps if you have a few months left on your contract, evidence that the contract will be renewed or proof that it has been extended in the past.
How about newly qualified teachers (NQTs)
As a newly qualified teacher, you may be concerned about your eligibility for a mortgage. You may have changed careers, or be on a temporary contract, which may mean you do not qualify for a mortgage with mainstream lenders.
We would recommend using an accomplished broker to negotiate your mortgage as a newly qualified teacher.
At Teito, we are a whole-of-market mortgage advisor which means we have access to deals that they are not available to the general public.
Mortgages for supply teachers
As a supply teacher, your income is likely to be variable with less certainty than a permanent teacher.
However, it is easier than you think to get a mortgage. As long as you can show a history of stable income, there shouldn't be a problem in securing a new mortgage. Even if you have irregular earnings, get in touch with one of our advisors who will be able to help. If you have a second applicant in permanent employment, this will also improve your chances.
Please read our full guide to supply teacher mortgages to learn more.
Mortgaging with a teacher pension
Teacher pensions provide a stable source of income, and as such, you may be able to mortgage if you are close to retirement or retired. Our advisors will be able to help, get in touch today to learn more.
What deposit will I need to get a mortgage as a teacher?
As a teacher, you may find that you are offered higher Loan to Value (LTV) options than for other professionals.
This is because you are seen as a lower risk applicant in the eyes of the lender. You may find that you may be able to put down as little as 5% as a deposit as a teacher.
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What if I have bad credit?
Although you may be concerned that bad credit will affect your chances of getting a mortgage, this will depend on the severity and age of the adverse credit.
The good news is that there are specialist lenders who offer mortgages for those with bad credit, and as a teacher, your chances are increased of getting a better deal.
Please read our full guide to mortgaging with bad creditto learn more or complete our simple online form today to get started.
How can I learn more?
At Teito, our team of experienced advisors have helped many teachers to get the best deal possible on their new mortgage. If you are ready to get started, complete our simple online form today and we will be in touch!
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.
Last updated 29 February 2024