Mortgages For Teachers

The complete guide to getting Mortgages for Teachers.

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Are There Mortgages For Teachers?

There are currently around 450,000 Teachers in the UK. And around 950,000 staff working in schools across the UK.

Whether you are a Teacher, Teaching Assistant, Supply Teacher or Student Teacher knowing you have options for a mortgage is really important. Particularly as a Trainee Teacher or Newly Qualified Teacher it may feel overwhelming.

To help, we’ve put together all the information you need when it comes to owning a home as a Teacher.

Mortgage Deals For Teachers

There are special Mortgage deals for Teachers available. Unlike other professions Teachers actually have lenders and products specifically designed for them.

Not just lenders and products, but specialist brokers that tailor their approach to the needs of Teachers. There are also lenders offering mortgages to professionals that encompass Teachers as well.

What Stops Teachers Getting Mortgages?

We find there are a few Key areas Teachers struggle to get a mortgage in. These are primarily:

  • Trainee/Student Teachers
  • Newly Qualified Teachers (NQTs)
  • Supply Teachers
  • Retired Teachers.

Whilst they can all certainly get a mortgage. They may find it more difficult. We have pages around these particular areas to help those in this situation.

What Is A Teacher Mortgage?

Mortgages for Teacher may not be a specifically designed product for Teachers, or even professionals.

The term Mortgages for Teachers usually refers to a specialist mortgage broker that understands how Teacher Mortgages work and how to get them. There are also specific lenders and products that fit perfectly for Teachers, and may even let them borrow more than others.

Who Are Mortgages For Teachers Aimed At?

Usually for a Teacher Mortgage you will need to be one of the following career paths:

  • Fully qualified Teacher
  • Nursery Nurse
  • New Qualified Teacher (NQT)
  • Children’s therapist.
  • Trainee Teacher
  • Supply Teacher
  • Teaching Assistant

What Type Of Teacher Mortgages Are Available?

You need to spend time researching lenders, and brokers, like us, that specialise in mortgages for Teachers. We may be able to help you find a mortgage.

You can apply for multiple different mortgages, however do plenty of research first to make sure you are picking the right option for you. Whether that is a joint borrow sole proprietor mortgage, Shared Ownership, Buy to Let mortgage, doing your research is key to make sure you get it right.

Does A Teacher Mortgage Have Any Restrictions Or Limitations?

All mortgages will have some limitations. However, if you are looking to get a teacher mortgage they will likely assess your income, credit history, expenditure etc.

Not all mortgages for Teachers will be open to all Teaching staff. Some may only be for fully qualified Teachers.

Are There Special Discounts On Mortgages For Teachers?

There aren’t really any special discounts on mortgages for Teachers. You may get deals that have cashback but this doesn’t mean they are specifically for Teachers. Many mortgages have special incentives such as discounted legal fees, free valuations or cashback.

You may be eligible for schemes such as Help to buy or shared ownership, or affordable housing schemes that may offer some sort of discounts.

How Much Can You Borrow On Teacher Mortgages?

To find out how much you can borrow we do some quick calculations, it usually takes us ten minutes over the phone. This will come down to your income, what stage in your Teaching career you’re in, your outgoings and your age.

Teachers can generally borrow up to five times their income. However, it will reduce based on your outgoings. The term of the mortgage, and initial length of the product may also affect it, that’s why we can’t give you a simple formula to work it out yourself.

How Do I Find Out Further Information?

For more information about mortgages for Teachers you may want to consider getting in touch with a member of our Team. Not only will we be able to tell you how much you can borrow, we also will be able to answer any further questions you may have.