As a teacher you may undertake additional paid work such as tutoring in the evening or test marking in the school holidays, which can all be used to support your mortgage application. If you plan to apply for a joint mortgage and your partner works full time, consider adding them as the first name on your mortgage application.
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It could improve the chances of getting your application approved, as lenders will favour them for their regular income. If you are struggling to raise a large deposit, there are a number of government initiatives available which could help teachers like you to get on the property ladder:. If you have had credit issues including; arrears, defaults, County Court Judgements CCJs , debt management plans or been made bankrupt in the past 6 years, there are still lenders who will consider your application.
Our advisors regularly work with adverse mortgage lenders and are well placed to advise you on all your available options. Our mortgage advisors are experts in teacher mortgages and can help advise you on how much you can afford to borrow and source the best teacher mortgage deals to suit your individual needs, in order to maximise your chances of being approved first time.
Do Teachers Get Special Mortgages or Better Mortgage Rates?
Are you a new teacher? Or an experienced teacher who has just moved jobs? Are you looking for a mortgage on one of the new 1 year contracts? Recently there has been a change in the way teachers are employed, and many will be starting out on 1 year contracts with the potential to be renewed for the first 3 years of employment, until a permanent position is offered.
This has caused a stir in the mortgage market and has left many new teachers searching for a mortgage lender that will accept them. NQT mortgages exist, and the specialist advisors have access to them all. Note: Not all lenders do this, and if you just go direct to your bank you may be limiting yourself.
Make sure you have every option available by making an enquiry today and have one of the teacher mortgage experts give you the right advice. Typically, a sustainable income is a difficult thing to prove as a supply teacher, because although currently many find work easily — lenders have a cautious attitude towards it being as there is no certainty to the hours available to provide income, especially for the life of the mortgage.
Having said that, there are a select few lenders that offer the flexibility to cater for supply teachers when applying for a mortgage, and if you have had a history of working in this role for several months then lenders start to accept a certain percentage of it towards their affordability calculations when establishing how much you can borrow. If you have a second applicant on the mortgage who is fully employed on a permanent basis, then this only strengthens the application.
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