Public service jobs are among those that can influence your mortgage deal and this page focuses on teachers in particular. Working in the educational sector has its perks, such as long summer holidays and half term breaks, but they can be balanced out with endless marking and dealing with troublesome students on a daily basis. The perks don’t just stop at long holidays, being in a teaching profession can also give you the upper hand when it comes to getting a mortgage.
Who is eligible for a mortgage for teachers?
Getting the best mortgage rates and deposit deals is appealing, but before you get started, it’s worth noting what criteria is necessary in order to be eligible for a specialist teacher mortgage. You must apply to one of the following in order for your application to be considered: be a qualified teacher, an NVQ level 3 teaching assistant, an NQT, an NVQ level 3 nursery nurse, a long-serving supply teacher or a children’s therapist.
Mortgages for different levels of teaching
We understand that some teaching jobs are not set in stone and for some, their career is spent going from school to school filling in absences, maternity cover and sickness. If you have a fixed term or temporary contract and therefore, a varying income, you won’t be as acceptable as someone who has a full-time position in the same institution. However, it’s not all doom and gloom. Specialist lenders will work with you, as long as you can show that you have been in your current position for a prolonged period of time and, you still have time left until your contract is over. If you only cover absenteeism for short periods of time then you may struggle to get a mortgage for teachers, but it’s worth contacting a lender to see if there is anything they can do.
Supply teachers have similar criteria to those with a fixed term or temporary contract and the reason is the same; lenders don’t want to enter into a deal with someone who doesn’t have a guaranteed, steady income each month. This is because they want to be sure that the person borrowing the money is able to afford the repayments. Some lenders will accept supply teachers if they have been on a contract for a longer period of time or if they are applying for a mortgage with someone who has more of a reliable income.
If you have just qualified as a teacher and you are looking for a teacher mortgage, then NQT mortgages could be an option for you. Again, a lack of history in your current role isn’t an attractive prospect for lenders, but with the introduction of one-year initial contracts for teachers, some are becoming more susceptible to the idea.
Teachers with bad credit
As it may be expected, having bad credit will affect your likelihood of securing a mortgage for teachers, because bad credit means high risks for lenders. Unfortunately, with mortgages for teachers, the case is still the same. Although some lenders will consider you, there may be a consequence, such as having to pay a higher deposit.
As is the case with any specialist mortgages, it’s best to avoid walking into your high street bank. We recommend approaching a specialist lender, as they will give you the best chance of securing the right mortgage for you.