If you work in the education sector, you’ve probably heard about special mortgages for teachers, and possibly even better mortgage rates. But is it true, and do teachers get special mortgages? Here’s your answer:
Yes, there are lenders in the market who treat those in the teaching profession very favourably, with some dealing exclusively with teachers offering mortgages with no deposits, lower rates, and longer loan terms.
What special mortgages are there for teachers?
You might have heard of the Key Worker Mortgage Scheme. This is unfortunately no longer running but used to offer teachers attractive options for mortgage deals including better rates.
But there are still some lenders in the market offering favourable rates and deals, plus some schemes designed to help key workers seeking a mortgage deal.
It’s worth noting, that there aren’t actually special mortgages for teachers. What they are is deals and schemes that help you in affording fees or with lower deposit amounts required… making them perfect for those working in the teaching profession.
The types of better mortgage rates for teachers will often fall into the following types:
- Fixed rate mortgages
- Variable rate mortgages
- Help to buy schemes
- Shared ownership schemes
- Buy to let mortgages
You can read more about how we can help teachers find the best mortgage for them by clicking here.
How to get the best deal on a teacher’s mortgage
The best way to find out which specialist lender is best suited to you would be to take the advice of a mortgage adviser.
Our panel of advisers have years of experience in helping those employed in key worker positions to find the best lender, with the best rate, suited to their profession. Call our team now to find out how we can help you.
As an example, many teachers will live in areas with high house prices. The reason being is often down to living in school catchment areas where property is more desirable.
Some of the lenders our advisers work with can sometimes offer mortgages of up to 100%, with no deposit required.
In other cases, lenders will understand that younger teachers might not have any form of a deposit at all but know that their profession is secure with likely pay increases to come in the future.
Based on that, they could be prepared to offer a higher mortgage loan than would normally be offered to an employed person.
Why teachers can get better mortgage rates
Your job is relatively secure, and if you’re on a permanent contract can demonstrate to a lender than you are a low risk applicant.
Even teachers on temporary contracts can get a mortgage, and we’ve put some information on how to do that elsewhere on the blog.
It all boils down to you as an individual, as every application will be treated on a case by case basis.
But knowing which lenders are more inclined to work with teachers offering better mortgage rates is where an adviser can help you.
To get started, call us or send an email enquiry through and one of our friendly team will be able to help you navigate the mortgage minefield.