Despite what you might have been told, or think, having bad credit needn’t mean you can’t get on the property ladder. And teachers are no different; you could get a mortgage with bad credit if you know where to look.

Can teachers get a mortgage with bad credit?

Yes, it is possible.

Our advisers are specialists in bad credit mortgages and are able to help anyone in the teaching profession find a suitable lender prepared to accept them.

With access to a wide range of lenders, and years of experience, they should be able to find the right type of deal for you.

In fact, mortgage for teachers with bad credit is just one aspect they can help with. We also offer support to NQTs, supply teachers, temporary contract workers, and more.

You can read more about how teacher mortgages work by clicking here.

What leads to bad credit?

You might have missed a credit card payment in the past, perhaps you had a CCJ, or have been declared bankrupt. Below is a list of the classic scenarios leading to poor credit ratings:

  • No credit history
  • Low credit score
  • Late payments
  • Missed mortgage payments
  • Defaults
  • CCJ’s
  • IVA’s
  • Debt management schemes
  • Repossessions
  • Bankruptcy

It could be that you have one, or even a combination of the factors shown above recorded on your credit profile.

It can happen to anyone, and it’s the job of our advisers to understand the causes and then help you prepare a mortgage application with the correct type of lender.

What is a bad credit mortgage?

The reality is that bad credit mortgages for teachers don’t actually exist. They are just the same as any other mortgage, the difference being the type of lender prepared to lend to someone with adverse credit history.

They are also sometimes referred to as sub-prime mortgages or adverse credit mortgages and are packaged up by specialist lenders to help people with poor credit history make a property purchase.

However, be aware that the nature of bad credit and how that is viewed by lenders means they can look on an applicant in this area as being more of a risk.

That means that interest rates and charges can be higher than standard mortgages.

But, by using a specialist adviser, it’s possible to search the whole market to find a suitable lender prepared to view applications on a case by case basis.

Our advisers have years of experience in knowing who these lenders are, and how they will tend to view teachers with bad credit.

The good news is that our advisers are ready to help you now, so call us today or complete an enquiry form if you would like to start getting advice.

And just because you have a bad credit history today, it doesn’t mean that can’t be repaired over time. If you can get your finances back on track, it will be possible to move over to a standard mortgage with more preferential rates in the future.

How to tell if you have bad credit

There are websites which let you check your credit score including Experian and Equifax. However, it’s should usually be obvious that you have a bad credit rating if you have had any of the scenarios we highlighted earlier in the bulleted section.

How our advisers work

Because our advisers work as specialists in the bad credit mortgage market, it means they know the different requirements of the various lenders’ criteria therefore giving you the best chance of proceeding with a successful application.

That means it should be a lot smoother for you and you won’t waste time applying to lenders who will dismiss your application out of hand.

The benefit of working with an adviser is that your application won’t be submitted multiple times to different lenders on a hopeful basis. If you do this, it can create multiple checks made against your file.

Our adviser will professionally review your information, support you in properly structuring your application, and then submit it to a lender who is most likely to consider you for mortgage.

This bespoke and tailored specialist approach means you have the best possible chance of securing the mortgage that you need and can afford, even with a poor credit history.

What to do next

If you are a teacher with bad credit and would like to explore your mortgage options, please contact us. With one quick phone call or email into our friendly team you could be on the way to successfully applying for a mortgage.