Head of Content
Mortgage Advisor & Director
Why can it be a challenge for supply teachers to get a mortgage?
As a supply teacher, your income is likely to be variable with less certainty than salaried employment. You won't receive a salary during the school holidays, meaning your full financial history should be taken over 12 months to compensate.
Supply teachers are classed as temporary workers, which means your income can be hard to predict.
In the eyes of lenders, this puts you in a higher risk category than for permanent employees and can mean the best deals on a mortgage are out of reach.
We would recommend using an experienced broker to negotiate your new mortgage as a supply teacher. As an independent mortgage broker, at Teito, we have access to the whole of the market.
We work with specialist lenders who work with supply teachers, complete our online form to get started or carry on reading to learn more.
What do I need to qualify for a supply teacher mortgage?
You will be pleased to hear that there are lenders out there who understand the particular requirements of supply teachers when it comes to a mortgage.
It would help your chances if you can demonstrate:
- You have time remaining on your contract
- Evidence that Your contract has been renewed, or that it has been renewed in the past.
- Proof of income over the past two years
How much deposit will I need?
As with any mortgage, the lower the Loan to Value (LTV) ratio, the better the rates you are likely to access.
This is no different for supply teachers, and you can expect to put up a minimum of 5% deposit on your new mortgage.
Other factors to consider
- If you are applying with a second applicant who has a permanent position, this can help to compensate for any instability in your income.
- The type of property you are looking to buy will affect the mortgage lender's decision - standard properties are the most attractive. If you are looking for something a little out of the ordinary, don't let this put you off. There are lenders out there who will consider your application.
- Affordability will be a key factor; the lender will consider your income along with dependents and committed monthly expenses. If you are looking to improve your score in this area, try to pay off any outstanding debts and reduce your monthly outgoings.
How can I learn more?
Our advisors have helped many people like you to secure the best deal possible on their new mortgage. If you are ready to get started, complete our simple online form 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.
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Last updated 29 February 2024