In recent years it has become more common for students, including trainee teachers, to arrange mortgages whilst they are still at college, university, or in training. There is some very strict criteria in place, but it could mean you can own instead of paying rent. Here’s our answer to the question “can I get a mortgage as a student teacher?”
There are some mortgage lenders who will lend to undergraduates on 100% of the cost of a property purchase, with no deposit required. But these specialist lenders do have certain guarantees and caveats including having a guarantor.
Whilst most people looking to buy a home will have to save for years in order to build up a large enough deposit to get a mortgage, our advisers do have access to certain specialist lenders prepared to forego this criterion.
Contact us now if you would like to find out more about how our advisers could help you, and whether or not you can apply for a mortgage as an undergraduate still in training or studying to become a teacher.
Can trainee teachers get a mortgage?
Just like any other student, there are now mortgage schemes available specifically for those still studying. Typically, the criteria to applying successfully will include:
- Whether or not you have any income whilst studying and training.
- Whether you will require a guarantor or not.
- Guarantors will need to be a close family member who is already a home owner.
- Guarantors will have to reside in the UK.
- Many lenders will require a 15% deposit, but some schemes will offer 100% loans.
What is a student teacher mortgage?
Mortgages for students, including trainee teachers are only available from a very small group of lenders in the UK. Our advisers have access to these specialist lenders and can help make sure you apply to the right one.
Finding one that suits you and will be prepared to lend on your circumstances can be tricky, but with the support of our advisers, you might be able to source the right deal.
These specialist mortgages have come about due to high rental prices and a demand from those still in education to get on the property ladder. It can make sense not just to students, but also parents who can see it as better financial option for their children getting on the property ladder whilst studying.
Instead of paying high rents to a student landlord, there’s every chance that you could buy a property instead, having something to show for your years of study at the end of your course.
Is a student teacher mortgage the right choice for you?
As with every single big decision in life, getting a mortgage requires a lot of planning and thought. The primary decision will be down to affordability, and whether you are able to pay the monthly repayments in full and on time.
However, there will be many properties in your local area which would offer a monthly mortgage repayment that is actually lower than what you could be paying in rental fees.
In most cases, the mortgage application will be arranged in partnership with your parents, with them acting as guarantors.
To find out how you might be able to find these lenders and take advantage of the schemes on offer, call us today or complete an enquiry form on our website for a call back.
Example trainee teacher mortgages and schemes
One such specialist lender our advisers could work with, have the following conditions in place as at January 2015:
- The student teacher mortgage is only available in England and Wales.
- The property has to be within a 10-mile radius of the college or university.
- The student or trainee teacher must have 2 years left on their course.
- The maximum loan amount is set at £300,000.
This scheme is just one possibility. To find out more call our friendly team now and tell them that you are looking to find a trainee teacher mortgage to see how they can help you.
What if you have a student loan debt?
Student loan debts and other forms of bad credit can affect your eligibility for a mortgage. However, it does not always mean that you won’t be able to get a home loan.
Elsewhere on our blog we’ve written in depth about how you can get a mortgage with student loan debt, plus you can also read our guide to getting a teacher mortgage if you would rather wait until you qualify.
What to do next
We are committed to helping people get the best deals for them. With a large panel of nationwide mortgage advisers, we are expertly placed to help you find the right advice at the right time.
Trainee and student teachers are key workers for the future of the UK, and as such deserve to be able to find mortgages specifically designed with their income in mind.
To get started, phone or email us now and speak to one of our friendly team members.