Mortgages for Teachers
Finding a mortgage can be confusing and especially for those with busy jobs and busy lives, such as teachers.
We specialise in finding the best mortgages for teachers and other educational professionals. There are many reasons why you might need to get mortgage advice from a qualified expert and that’s where we come in.
Most teachers will only apply for a mortgage several times through their adult life which means it’s not something you’ll probably be used to.
There are currently around 625,000 full-time teachers in the United Kingdom according to statistics from a report in November 2021. Of those, 265,000 work in primary schools and 247,500 are working in secondary schools.
A further 76,500 are employed or working in independent schools and then 28,000 are working in specialist schools.
About mortgages for teachers
We know that working in education and especially working as a teacher, can be an extremely rewarding profession.
One of the key points to remember here is that mortgage lenders are often more favourable towards any professionals, such as teachers. The reason for this is simply because your profession is considered to be a reliable income and teachers are in high demand.
Lenders will look for any risk when assessing an application for a mortgage for teachers and your occupation is a key element to that.
There are also lenders that offer specific loans and deals for teachers or other professionals because of the work that they do. You may also find that income multiples can be better for teachers due to the expectations for regular pay increases or promotion opportunities.
Some key areas where we specialise in finding mortgages for teachers:
- Trainee teachers
- Newly qualified
- Supply teachers
- Self-employed teachers or Tutors
- Teachers with bad credit
Can teachers get mortgages?
The reality is that most teachers will have a better chance of getting a mortgage than most because of their profession.
Mortgage lenders look favourably on people with professional occupations, such as teachers, solicitors, and doctors. The reasons for this are simple, it is viewed as a secure career with a reliable income and so the risks are low.
There are however, several specialist areas with mortgages for teachers:
- Teachers with bad credit
- Newly qualified teachers
- Supply teachers
- Self-employed teachers or tutors
- First time buyer teachers
- Buy to lets
- Shared ownership
You might find that there are some extra complications with your mortgage application that may cause additional questions.
Mortgage discounts for teachers
As a teacher, you might expect that you would be able to get lower rates or mortgage discounts.
This can actually be true and it can be that as a teacher, you might be able to get a discount on your mortgage. Some lenders offer very specific mortgage deals tailored for teachers and some even have teacher mortgages.
It is difficult to say exactly what the amount of mortgage discount that you would be able to get might be. You may also not be eligible for some of these specific deals because you don’t fit the criteria or they are not suitable.
You should speak to one of our experts to see whether you can apply for a mortgage discount for teachers. A specialist advisor may be able to help you save significantly when it comes to the monthly repayments on your mortgage.
Best mortgage rates for teachers
There are lots of options when you apply for a new mortgage or a remortgage for teachers which can be confusing.
Some of the best mortgage rates for teachers will be based on your circumstance and what’s available at the time. Some lenders will offer better rates for teachers and other professionals so its worth shopping around or speaking to an expert.
Your mortgage deal will be based on:
- Loan to Value (LTV)
- Credit history
- Employment status
Some lenders who offer the best mortgage rates for teachers may also offer other benefits, such as:
- Higher income multiples
- Lower fees
- Higher Loan to Value
Our teacher mortgage experts will help you to find the very best rates and deals based on your needs.
Mortgages for newly qualified teachers
If you’ve only just qualified as a teacher and you need to apply for a new mortgage or remortgage, then there may be some extra requirements.
It’s not necessarily an issue that you are a newly qualified teacher and you should still be able to get a mortgage. As a new teacher, there are some key areas that will have an impact on your mortgage application:
1) When did you qualify as a teacher?
2) How old are you (i.e. are you a mature student or university age)?
3) Have you got any other employment history?
4) Do you have an income history?
5) Are you in employment now or looking for a job?
There are some lenders that offer more flexibility towards newly qualified teachers and other professionals.
Speak to our team of experts to find out more about mortgages for newly qualified teachers.
Mortgages for teachers with bad credit
It can be difficult to manage your finances and especially for those who are on lower salaries such as new teachers or part times teachers.
Mortgage brokers who have experience with poor credit mortgages will be the most helpful to speak to, if you have previously struggled with financial difficulties or debt.
We specialise in mortgages for teachers with bad credit and we understand how mortgage lenders treat different types of credit problems. You might have also had problems in the past that you have sorted but still cause problems as they appear on your credit file.
Here are just a few of the different elements with mortgages for teachers with bad credit:
- Missed credit payments
- County Court Judgements (CCJ’s)
- Individual Voluntary Arrangements (IVA’s)
- Mortgage arrears
Each lender has their own criteria and lending limits which means that you’ll need to get the right lender based on your credit history.
If you have applied for a mortgage in the past and struggled then we can help.
For more information on getting a mortgage with bad credit CLICK HERE.
Key worker mortgage scheme for teachers
There have recently been a number of key worker mortgage schemes for teachers that were available during 2020 and 2021.
Unfortunately, key worker mortgage schemes ended in 2021 towards the end of the global pandemic. You may still be eligible for several of the other government schemes for discount mortgages that are available to teachers and other professionals.
- Help-to-buy scheme
- NewBuy scheme
- Shared ownership scheme
These incentives include smaller deposits, lower interest rates and various other discounts.
Mortgages for supply teachers
We also offer advice for mortgages for supply teachers and we have a section of our site that offers guidance on this.
CLICK HERE to read more about mortgages for supply teachers
Mortgage benefits for teachers
There are potentially a number of incentives and benefits that are available to teachers applying for a mortgage.
Mostly you’ll often get either a lower mortgage rate or your income multiples will be higher, meaning that you can apply for a bigger loan. There are no specific mortgage benefits for teachers, however some lenders may apply different terms for teachers and other professionals.
Mortgage lenders for teachers
Currently there are over 100 different mortgage lenders which includes a handful of specialist lenders for teachers.
There are also thousands of mortgage deals and different rates to choose from, so finding the right mortgage for teachers can be like finding a needle in a haystack. We have over 50 carefully selected lenders and thousands of deals to make sure that you get the best rates.
Our mortgage lenders for teachers include:
- Accord Mortgages
- Newcastle Building Society
- And more…
Your best lender and deal will be based on:
- Type of mortgage
- Mortgage rate
- Credit score
- Income and expenditure
- Loan to Value (LTV)
We’ll search our lenders and deals to find what is right for you based on your needs.
Mortgage help for teachers
We’re proud to be a leading specialist in offering expert mortgage help for teachers and other professionals.
Our team of fully qualified mortgage advisors has many years of experience and expertise to get the best deals. We understand how complicated it can be to find the right deal and we know how important great service is.
For mortgage help for teachers CALL 0330 118 8188 or CLICK HERE.
essential MORTGAGES is authorised and regulated by the financial conduct authority, meaning you can rest easy in the knowledge that you are in safe, professional hands when it comes to your mortgage for teachers.