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Teacher Mortgages – How To Find A Good Deal
The ever-growing workload for teachers can make it difficult to make time for financial research and planning. The good news is that Blue Pepper is highly experienced in providing mortgage help for teachers.
Whether you’re a First Time Buyer, you’re planning a house move or are looking to remortgage, we can take away the hassle of finding competitive deals.
Are there specialist mortgages for Teachers?
There are no special mortgages just for teachers, but most mortgage lenders recognise that teachers are good customers. A few years ago there were special key worker mortgages for NHS employees, teachers and other people in important public sector roles. These were, however, discontinued in 2019.
Fortunately many lenders recognise the valuable contribution teachers make in the UK, and actively support applications from teachers. Some make unique allowances in affordability for teachers and take into account your future earning potential.
How much can I borrow?
The general rule for mortgages is that lenders will offer around four times your salary to help you buy a home.
If you are aiming to buy a home worth more than four times your income, there are a couple of options. You could increase the value of the loan by applying for a joint mortgage – as the lender will add your two incomes together as the basis. Alternatively, you can save up a larger deposit. The more deposit you have, the more attractive you become for mortgage offers.
As with any loan, you will need to have a good credit history to secure a competitive mortgage deal.
Mortgages for NQTs and Supply Teachers
As a newly qualified teacher you might be looking to get on the property ladder – perhaps near a school where you’ve accepted a new teaching role.
But your income over the past year or two may have been fairly low, due to training. NQTs are also often on probation or temporary contracts. This can sometimes make it tricky to find you a competitive mortgage from some high street banks and building societies.
Fortunately, there are a number of mortgage companies that recognise the value of the teaching profession. Not only are you providing an essential service, but your skills are also in great demand. Some lenders will make positive assumptions about your future employability and career path to offer you a good mortgage deal.
The situation is similar for supply teachers. The nature of your work makes you appear more risky to a lender, but some companies are more comfortable than others about providing supply teacher mortgages.
Teacher mortgages for First Time Buyers, Buy to Let and Remortgaging
Usually teachers looking for a mortgage as a First Time Buyer, a Buy to Let mortgage or a remortgage should be able to find suitable products, as long as they have a healthy credit score.
Buy to Let mortgages generally have higher interest rates than a standard mortgage, and you might be asked to contribute a greater deposit.
Further help to buy a home
There are various Help to Buy schemes available in the UK that could make it easier for you to buy a home. On new build properties, for example, the Help to Buy Equity Loan could enable you to buy with just 5% deposit. Alternatively, with the Shared Ownership Scheme you can buy a 25% to 75% share of a home and pay rent on the rest.
Mortgage Protection Products
Buying a home is the biggest financial commitment you’re likely to make, so it is sensible to protect the home, your family and your belongings.
Most mortgage companies will want to see proof that you have life insurance, to make sure that the mortgage will be paid in the event of your death. They will also want proof of buildings insurance, to rebuild the property if it is ever destroyed by fire or a major accident.
There are other products that could prove valuable, including contents insurance, income protection and critical illness cover.
How can a Mortgage Broker help if you are a Teacher?
Many teachers turn to Blue Pepper to help them secure a mortgage. We are an Appointed Representatives of PRIMIS Mortgage Network. Which is a trading style of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.
We will recommend lenders that are likely to accept you and your personal financial situation. We can also talk to you about protection products that might be important.
One of the aspects that appeals most to teachers about our service is that we will manage the mortgage application on your behalf. In short, we take away all the hassle of researching mortgages – independently, and free of charge.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE