If we address the elephant in the room head on, there are technically no such thing as teacher mortgages. The types of mortgages you’ll have access to are typically accessible by people in other lines of work as well. That being said, being an applicant who is also a teacher can have it’s benefits.
Because you are in a high skilled role that is usually considered to be stable, you may find that mortgage lenders look at you more favourably than they would others, meaning you might actually find you can access better rates of interest.
Any! This includes:
There are no restrictions that limit any type of teacher from applying for a mortgage, though some may find it more challenging than others. Each mortgage has its own criteria to meet and not everyone will qualify for everything.
There are thankfully many lenders who will just treat a teacher like any other applicant, with some specialist lenders being much more lenient when it comes to elements like contract length.
As mentioned, some may find mortgages more challenging than others and this is something that is prevalent with teachers who are new to their role. Typically you’ll start out with a 12 month contract, which can flag up with some lenders as a possible risk.
A mortgage lender always wants to make sure you are able to pay back your mortgage no matter what and a perceived lack of job stability is something they will want to look at in-depth, to ensure you are definitely able to keep on top of your mortgage repayments.
Once again, there are many specialist mortgage lenders out there who are more than willing to consider even newly qualified teachers as they would any other applicant. This highlights the importance of speaking to a mortgage broker, to ensure you end up with the right lender first time.
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This falls into a similar category as newly qualified teachers, as supply teachers will have to prove that they have job stability. The additional complication here is that salary may fluctuate each year, which can be a little bit of a challenge for a mortgage lender.
As is the case with the other teacher roles, however, it is not impossible and providing you can prove your ability to keep up repayments, you should have the same opportunities that other applicants have.
A mortgage broker can help in this situation, possibly recommending a lender who is more open to working with teacher mortgages.
One way that you could potentially sweeten the deal with a mortgage lender, is by way of a gifted deposit. By enlisting the help of a family member to increase the amount of deposit you have access to, you could reduce the risk to the lender as you’ll be borrowing less.
Another way you could make life easier is by potentially utilising a guarantor mortgage. This is where a financially stable family member lends their salary to provide an income boost, without actually being added to the property itself.
This does mean that in the event you are unable to cover your monthly payments, your guarantor would be responsible for it. That said, that is only in a worst case scenario and unless that occurs, they don’t have to worry about a thing!
These mortgage types aren’t for everyone and as discussed, regular mortgages may still be available for teachers. If you’re struggling though, a gifted deposit or guarantor mortgage may provide an extra way to get you over the finish line and one step closer to becoming a homeowner.
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There are no longer any specific schemes that help teachers to get a mortgage, but that doesn’t mean they can’t help at all. For many teachers, especially if you’re a first time buyer, you’ll have access to a variety of schemes just like any other home buyer.
From things like the Right to Buy Scheme, allowing you to purchase your council house, to Shared Ownership, allowing you to buy a percentage of your home, there are certainly options out there to help prospective home buyers who are teachers, to get onto the property ladder.
By speaking to an experienced and qualified mortgage advisor, you’ll have a better idea of what could be available to you and whether or not you meet both scheme and mortgage lender criteria.
Yes! If you’re retired or nearing the age of retirement, there are various different mortgage options that could be available to you. Mortgages for over 65s and mortgages for over 70s are becoming much more accessible, with mortgage lenders offering more scope for taking out a mortgage in later life.
Whether you’re looking at your options for equity release through a lifetime mortgage, retirement interest only mortgages, a standard mortgage or remortgage, or something else, there is something for everyone.
It is always recommended that you speak with a trusted later life specialist before committing to something like this, as they will be able to take into account things like inheritance, personal goals and more, before recommending the most suitable type of mortgage for you.
Our team of later life mortgage advisors boasts a wealth of knowledge in this sector, as well as fully qualified CeRER specialists, who are both recognised by the Equity Release Council and are SOLLA accredited. You can rest assured that they will always have your best interests at heart.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.
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