So you’re considering a Teacher mortgage in 2021? Where do you start and what is difficult?
The main issues you will come up against will be:
- Furlough
- Supply Teaching
- Being in your NQT year
So let’s break those down a bit and go through your options.
Furlough – How does it affect a Teacher Mortgage
Before March 2020 a lot of us had probably never heard the word Furlough used.
Being furloughed may affect your chances of getting a Teacher mortgage in 2021. Some lenders are not accepting your income if you are furloughed. Others are limiting you to 80%. It may be worth considering waiting until after lockdown and a vaccine to see if you are better off. If not, you will certainly need a mortgage advisor in 2021.
Supply Teaching
Being a Supply Teacher during the pandemic has probably been hard. You may have struggled to find a position this year. Also you likely received little or no benefits during lockdown periods.
Supply Teaching is difficult in the mortgage world anyway. However if you are an experienced Teacher or have a couple of terms worth of Supply Teaching under your belt you will probably have options.
Newly Qualified Teacher Mortgage
NQT’s or Newly Qualified Teachers will always have a hard time. They usually have a fixed term contract and probably very little work history due to studying. You do have options though. Even before you have started your NQT in the run up you should be able to get a mortgage.
The main challenge of the Pandemic on NQTs is getting that first position. A lot of NQTs have been forced into taking Supply roles with the hope of being able to start their NQT year in September 2021.
If you fall into one of these categories. Or if you have a different issue you think would benefit others to get an answer to, please, Get in touch.
