Getting a mortgage as a teacher

Mortgages for teachers

Getting a mortgage as a newly qualified, part time or supply teacher can often be difficult. When applying for a mortgage through your local bank or building society, you are often overlooked, due to the lenders’ strict criteria and lack of consideration for the individual’s personal circumstances. Proving a regular income on a fixed or part-time teaching contract can be difficult, which can automatically make you unattractive to many high street mortgage lenders. But, your chances of getting a mortgage are just as good as anyone’s and here’s how.

Use all your income

As a teacher you may undertake additional paid work such as tutoring in the evening or test marking in the school holidays, which can all be used to support your mortgage application.

Let your partner take the lead

If you plan to apply for a joint mortgage and your partner works full time, consider adding them as the first name on your mortgage application. It could improve the chances of getting your application approved, as lenders will favour them for their regular income.

Consider government initiatives

If you are struggling to raise a large deposit, there are a number of government initiatives available which could help teachers like you to get on the property ladder:

Shared Ownership: Part of the help to buy scheme and enables you to buy a share (between 25% and 75%) of a new or existing property.

Equity Loan: The government lends up to 20% towards the purchase cost, meaning you only need a 5% cash deposit and a 75% mortgage to buy your home. If you are looking to buy a property in London, the percentage the government will lend you increases to 40%. However, the property must cost no more than £600,000.

History of bad credit?

If you have had bad credit issues including; arrears, defaults, County Court Judgements (CCJs), debt management plans or been made bankrupt in the past 6 years, there are still lenders who will consider your application. Our advisors regularly work with adverse mortgage lenders and are well placed to advise you on all your available options.

Get expert advice

Our mortgage advisors are experts in teacher mortgages and can help advise you on how much you can afford to borrow and source the best teacher mortgage deals to suit your individual needs, in order to maximise your chances of being approved first time. They will also complete all the relevant paperwork, and liaise with your lender, estate agent and solicitors to ensure that your application is a success!

Get in touch with our teacher mortgage specialists today.