Mortgages for Teachers

Southampton, Hampshire, National

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage, or any other debt secured on it.

Mortgages for teaching staff . . 

There are some lenders who specialise in lending to teachers, lecturers, teaching assistants and others working in the education sector. It is worth noting that many of the lenders who offer such products are more niche lenders, who are often able to offer more specialised lending products than most high-street banks and building societies.

 

We understand that different types of salaried employment can present problems when it comes to assessing mortgage affordability. For those on short-term or temporary contracts, or those who work primarily as supply teachers, this can sometimes be an issue. However, some lenders recognise that teachers and other education professionals often represent a lower risk. As a teaching professional, you may even be able to borrow more, or qualify for more advantageous mortgage deals, than other borrowers.

How much can Teachers borrow?

The lender will look at your income as well as your outgoings – such as existing credit commitments – to work out how much you will be able to borrow. Different lenders may use slightly different criteria in working out how much you can afford, either including or excluding factors such as regular overtime, bonuses or secondary sources of income.

The maximum amount you can borrow will also be limited by the lender and the mortgage product’s loan-to-value limit. Some lenders will allow you to borrow up to 95% of the value of the property, but many restrict lending to a lower amount such as 90% or 85%. It’s also worth noting that putting down a bigger deposit may give you access to more preferable mortgage deals.


 

Can I get a mortgage even though I am a supply teacher?

Many teachers, especially supply teachers and those on fixed term contracts frequently have difficulty securing a mortgage. A lot of mainstream lenders will consider their roles as a non-permanent job position. In order to secure a mortgage, you will need to use a lender who will consider each person’s individual circumstances. In fact, some lenders even offer mortgage products specifically designed for newly qualified & supply teachers.

Although more mainstream lenders may find the absence of permanent, fixed income problematic, more specialised lenders will look at your employment history and income to inform a common-sense judgement on your ability to repay. In the cases of both newly qualified teachers and supply teachers, sympathetic lenders often assess affordability on a case-by-case basis, rather than simply relying on a standard calculation.

Credit History 

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, mortgages for teachers, in this case is still the same. Although some lenders will consider you, there may be a consequence, such as having to pay a higher deposit.  

Having a good credit history can be considerably help the whole mortgage application process. We recommend before whilst or before applying for a mortgage you should check your credit score with a credit agency, we recommend using Check My File. This will give you a good indication of what rates you are eligible for. 

By dealing with a key worker mortgage broker that has access to deals from across the mortgage market, and not just the big mainstream lenders, you’re more likely to find both a lender that welcomes mortgage applications from teaching professionals, and a product that is suited your circumstances. Contact Alexander Southwell Mortgages today to discuss how we can help find the mortgage, that is right for you.

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