There is an assumption that workers on temporary contracts can’t get mortgages. This isn’t true, and our advisers help people all around the UK, including those in the education sector. Teachers on temporary contracts are no different:
You can get a mortgage on a temporary teaching contract providing you can prove evidence of having worked as a temporary teacher for at least 12 months. Specific mortgage lenders will look at historical employment, and at least a few months left on the contract once the mortgage terms start.
Applicants on temporary contracts are acceptable to some mortgage lenders, as long as you can provide evidence of historical employment and fulfil certain supporting criteria.
Our advisers work with a wide range of lenders who look at each application on a case by case basis. With the support from one of our advisers, you can get your application prepared in the right way, and then submitted to a lender prepared to assess it fairly and sensibly.
How to improve your chances of success
Aside from working with a specialist mortgage adviser who understands temporary contract mortgages, there are some things you can also do.
Most of this involves getting paperwork and documentation together that will help to prove your income and employment to a suitable lender.
We advise that you start to gather:
- Payslips from the last year of temporary employment
- Two of your latest tax returns and P60 forms
- Three years’ worth of banking statements
- Any additional proof that shows you have had temporary teaching employment over the last year
- A copy of your existing credit history
Your credit history will be closely examined by any lender, so if you can find ways in which to improve your credit score it will improve your chances of securing a mortgage.
Ways in which you can do that include shutting down credit card accounts you don’t use anymore and settling any outstanding debts if you can.
Teachers on temporary contracts should also try to build up a larger deposit too, as this will signal to the mortgage lender that you aren’t as high a risk.
Having your finances in order is really going to help, and one of the best ways you can get a mortgage on a temporary teaching contract.
Once you have this paperwork and mindset in place, a specialist adviser such as one from our large panel will be able to help you submit your application into the lender most likely to approve you.
Why getting a mortgage as a temporary teacher can be hard
The reason why so many people, including teachers, get declined for a mortgage when working on a temporary contract all boils down to risk.
Lenders are very risk adverse and want to lend to applicants that they believe will be able to pay monthly mortgage repayments on time and in full for the duration of the term.
With temporary contract employment, proof of this comes down to a regular and guaranteed income.
As a temporary teacher, your wages could change frequently, with no regular pattern of payment. With the risk of your income ending at the end of a teaching contract, lenders will view you as being a higher risk than those on full-time contracts.
However, teachers are often viewed very differently to other careers by certain lenders. Why? Because they understand that your work will be on-going, unlike say a person who accepts a temporary contract to work in a shop over Christmas.
But, there are still only a certain amount of lenders in the UK mortgage market who will be more inclined to lend to a teacher on a temporary contract.
Our advisers have years of experience in helping with hard to place mortgages including for workers on temporary contracts, so contact us today to get started.
Who we can help
Our mortgage advisers are able to help the following employment types in the teaching profession:
- Mortgages for teachers on temporary contracts
- Mortgages for teachers on fixed term contracts
- Mortgages for NQTs
- Mortgages for those working via an agency or in supply
For more information on how our mortgage advisers can help teachers, please read our teacher mortgages section which goes into more detail on what’s required.
What to do next?
Teaching isn’t an easy job. It can be stressful and mean long working hours at school and home. You might not have the time to contact a lender to eventually find the best deal and rate.
We believe that teachers, no matter what their contract type, deserve to be rewarded with the best rates and best deals available in the market.
That’s why our advisers work with you to find a lender who will treat your application fairly, and in some cases offering preferential rates to you as a teacher.
To find out more and get started, simply call us today or complete an enquiry form to see how our advisers can get you on the first steps of property ownership.