Teacher mortgages can offer low rates and great deals with sometimes no deposit needed, plus flexible terms, and longer loan terms than standard mortgages do.
Whether you are a full-time teacher, working in supply, are in training, self-employed, or newly qualified, our advisers will be able to help you in finding the best deal to suit you as an individual.
All applicants our advisers work with are unique, so a bespoke and tailored approach is always taken. The common types of situation our advisers work with include:
- Mortgages for teachers with bad credit
- Mortgages for supply teachers
- Mortgages for newly qualified teachers (NQT)
- Mortgages for substitute teachers or part-time
- Mortgages for student and trainee teachers
- Mortgages for college and university lecturers
We can also help nursery nurses, teaching assistants, children’s therapists, agency workers, those on temporary contracts, retirement and more.
If you fall into any of those categories, or are currently working in the education sector, contact us now to find out how our advisers can help you find the best mortgage.
How we work on teacher mortgages
If you take the support from our panel of expert mortgage brokers, the entire process should be as simple as possible, from start though to finish.
All you need to do is follow these simple steps.
- Call us or complete an enquiry form
- One of our team will take some brief details from you
- You will then be introduced to the most suitable adviser
- You will need to supply a copy of your credit report (we will show you how)
- Our advisers will assess your case on an individual basis
- They will then research the market against your personal circumstances
- A mortgage application will then be placed with the most suitable lender
What are the best mortgages for teachers?
Every single application our advisers help with is treated on a unique and bespoke basis. After all, you are an individual, and your circumstances will differ to every other teacher in the UK.
Because of that, it’s only possible to find out what the best mortgage for you is, once you have spoken to one of our advisers.
They will gather as much information from you as possible including:
- Personal details
- Postal address history
- Monthly income expenditure
- Employment details
- Credit and loan repayment commitments
- Family life such as marital status and dependents
- Adverse credit details
Once they have this information, they can search the market, and develop a plan on which lender to apply to in order to get the best rate and deal.
Do teachers get better mortgage rates or discounts?
Are there teacher discounts for mortgages or better rates?
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.
And even some of the high street lenders now offer key worker mortgage products with better deals.
To find out how you can benefit from a better mortgage rate, possible discount, and improved deal, contact us today to be partnered with the best adviser to suit you.
Mortgage for newly qualified teachers (NQTs)
Mortgages for NQT teachers, despite what you might think or have heard, are available.
The confusion is understandable, due to changes in the way that teachers are employed. It can mean you could be starting work on a one-year contract, with a longer-term permanent contract to be offered in the future.
That has meant that not all mortgage lenders are prepared to lend in these circumstances.
But with over half a million new teaching staff currently needed every year in the UK, many lenders on our panel of advisers have access to value teacher mortgage applications very highly.
In much the same way that people working in the emergency services are viewed as having a guaranteed income and employment future, some lenders can look very favourably on your position too.
As a newly qualified teacher seeking a mortgage, you might also have experienced lenders refusing you based on the fact you don’t have 6 months’ worth of employment history.
Those lenders are the ones that our advisers will avoid, instead placing your application with the banks or building societies that offer special mortgages for newly qualified teachers.
Mortgages for NQT teachers are available, and to take advantage of them, we recommend contacting us now. We can then partner you with the best adviser specialising for newly qualified educational sector employees.
The types of mortgages available for NQTs include:
- Fixed rate mortgages
- Variable rate mortgages
- Help to buy schemes
- Shared ownership
The benefits to using our advisers and the lenders they have access to include:
- Possibly getting a mortgage a month before you start work
- Possibly moving into a property before you start your newly qualified position
- Possibly getting a mortgage with a deposit as a low as 5%
- Not having to produce historical employment history or payslips
Mortgages for supply teachers
Can supply teachers get a mortgage? Yes, they can.
There are specialist supply teacher mortgages aimed at staff looking to buy or remortgage either by themselves or as a joint purchase. With low discounted variable rates available, and flexible mortgage deals available with some lenders.
The reason that it can sometimes be hard to find suitable mortgages for supply teachers is due to the high street lenders wanting proof of a sustainable income.
The mainstream lenders like to lend to applicants who can provide historical and consistent income proof.
With supply teachers though, that isn’t always possible, especially over the life of a mortgage term.
What our advisers do is work with lenders that are flexible and have experience in catering for your type of employment in the educational sector.
In many cases it will involve finding a lender prepared to offer a mortgage to those in non-permanent positions. They will typically want you to have a track record in working in this type of employment, meaning they can then take a percentage of that to put towards how they calculate your affordability risk.
If this is a joint mortgage application, and the second purchaser is employed full-time and permanently, then that can also help your chances of success.
To find out more about how our advisers can help with supply teacher mortgages, contact us today to get started.
Mortgages for teachers with bad credit
When it comes to buying a house or re-mortgaging, many lenders will immediately turn down an application from a person who has adverse, poor, or bad credit.
They simply want to work with applicants who have no defaults, no CCJs, a long-term and healthy credit history, and proven long term sustained employment.
We know that’s not always the case with many teachers looking for a mortgage.
You might have got into debt through no fault of your own or are now in a position where your bad credit is in the past.
Whatever your situation, our advisers are here to help, and as specialists in bad credit mortgages, can give you the advice you need at this time.
The lenders our advisers work with are prepared to offer mortgages for teachers with bad credit, including the following scenarios:
- No credit history
- Low credit score
- Late payments
- Missed mortgage payments
- Debt management schemes
To get help and to talk with an adviser specialising in bad credit mortgages for teachers, contact us today.
Mortgages for student teachers
If you are still studying to be a teacher, you will be turned down almost by default by the majority of lenders.
However, there are some building societies who are now willing to lend up to 100% of the cost on a £300,000 property, but with certain caveats.
That means you might not have to stump up a deposit to buy a home.
To find out which lenders are prepared to offer mortgage for student teachers and how our advisers can help you get the best deal, contact us today.
Mortgages with a teacher’s pension
Pension mortgages are available, coupled with an investment plan which is in the form of a personal pension. These types of mortgages are arranged so that the pension ends up paying a tax-free lump sum to eventually go towards paying off the loan.
Just like any other occupational pension, a teacher’s pension is just as sustainable.
To find out how you can get a mortgage with a teacher’s pension when you are getting neared to your retirement age, or already retired, contact us now to talk with an adviser.
First-time buyer mortgages for teachers
Buying a property for the first time will be one of the most important decisions you make in your life, meaning it’s even more critical to work with a specialist adviser.
There are hundreds of mortgage products in the market, but not all of them are suitable for first-time buyers.
Our advisers have access to the best lenders, and you can get started with their bespoke advice today, simply by calling or contacting us.
Our advisers will:
- Guide you through the entire application process from start to finish
- Help you find the best lender with the best rates
- Advise on any government schemes to help if you have a small deposit
Here are just a few tips our advisers have put together specifically for first-time buyers who work in the teaching profession.
- Be realistic about how much you can afford both now and in the future.
- Be prepared for additional costs such as conveyancing and stamp duty fees.
- Be prepared for costs once you move in including home improvements.
- Be prepared to budget for utility bills and on-going home repairs.
- Be aware of what the council tax band is for your desired property.
- Be aware of the local school and catchment area if you have children.
- Be forward thinking about how you will be getting to and from your employment.
- Be mindful of broadband speeds in the local area.
And last but not least, before you even get as far as looking into your first-time property, get a mortgage in principle based on your affordability.
To do that, and to take advantage of the best mortgages for teachers, including any discounted rates, work with a specialist adviser.
Are low or no deposit mortgages available?
If you don’t have a deposit, or your deposit is lower than what is typically expected from a mortgage lender, there may be help available.
As someone working in the teaching profession you are classed as a key worker, just as nurses are (if you are a nurse, click here).
Being a key worker makes you eligible for support from the government on their key worker mortgage scheme. You could also qualify for further financial support, with additional schemes in place to assist teachers who might go on to be leaders in their industry.
There are schemes and lenders in the UK who will help teachers get a mortgage where they have no deposit, or a very low amount to put down on a property.
To find out how you could qualify with no deposit, get in touch with our friendly team now who will partner you with one of our specialist advisers.
Remortgaging for teachers
Moving your mortgage to a new lender can be complex, and weeding through the different products, rates, deals, and suppliers isn’t easy.
You might want to remortgage for a wide range of reasons, but the primary benefit is to get a cheaper mortgage rate or reduce or lengthen the period of the loan repayments.
It could be that the introductory discounted interest rate you took advantage of when first taking out your mortgage has now expired. It is likely that there will be lenders prepared to offer you a new discounted introductory rate or lower APR (annual percentage rate).
Or perhaps you have some debt that you want to consolidate, by rolling that into your mortgage.
Whatever the situation, please note that remortgaging might not always be your best option, as additional costs can also come into play.
This could include:
- New lenders could charge you fees for solicitors and valuations
- Whilst you might have lower monthly repayments, the term length could work out more expensive in the long run
- Your existing lender could actually let you switch your deal
There are many caveats to consider, so work with an adviser who can recommend and guide you with the best route for remortgaging before you make any rash decisions.
What you should do next
There is help available for teachers buying a house, with preferential rates and deals available. However, not all lenders will offer these mortgage products.
To get started, and to get ahead with your home purchase plans, contact us now.
Our advisers have years of experience in helping those working in education, as well as access to lenders most suited to your employment type.
All it takes is one call into our team, and within minutes you could be on the first steps to either buying your first home, re-mortgaging, or possibly even getting a buy to let property.