Teacher Mortgages FAQ
These are all the most commonly asked questions we get at Albion Forest regarding Teacher Mortgages.
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Can Teachers Salary Sacrifice Mortgage?
No, there is no Teachers Salary sacrifice mortgage. Due to how mortgage regulation is set up Teachers predominantly have the same access to the same types of mortgages as the rest of the UK.
Teachers do get access to special rates and deals. This means that they can often borrow more or get an exclusive deal.
Do Teachers Get Better Mortgage Rates Uk?
When we talk about Teacher mortgages we are usually talking about Teachers that struggle with getting a mortgage on the high street. Such as:
- Retired Teachers
- Supply Teachers
- Newly Qualified Teachers
- Student Teachers
However, depending on your situation you may be able to get a better rate than you are on. It’s worth speaking to your mortgage broker. More on Mortgage deals for Teachers here.
Do Teachers Get Lower Mortgage Rates?
This is sort of covered off above with the last question. However, it gets asked, so we’ve answered.
Teachers don’t usually get Lower rates particularly, but they can sometimes borrow more. Sometimes lenders don’t understand teaching contracts.
Do Teachers Get Special Mortgages?
Yes, but mostly for Teachers still in Probation periods or with little employment history such as NQTs. Lots of Newly Qualified Teachers and Trainee Teachers find it difficult to secure a mortgage. This is where specialist Lenders such as Accord, and West Bromwich Building Society come in.
NQTs almost always have a fixed term contract or probationary period.
Do Teachers Get Help With Mortgage?
We help Teachers with their Mortgage needs daily. The most important thing is salary packaging. Making sure that your application is packaged correctly so the lender understands and accepts your mortgage application.
This is helped by specialist lenders like Teachers Building Society. Specialist Mortgages can really help if you struggle with getting a mortgage with your Bank.
More on Mortgage help for Teachers here.
Can A Supply Teacher Get A Mortgage?
Yes they can. With a Supply Teacher Mortgage it will usually revolve around two things:
- How long have you been a Teacher
- How long have you been a Supply Teacher
If you have been a Teacher for over 2 years and have recently gone supply you would probably fit with someone like Halifax.
If you have been a supply teacher over 12 months lots of lenders will take you. Some will average the last two years, some the last 12 months, and Teachers Building Society will even consider the last 6 months.
More on Supply Teacher Mortgages here.
Can I Get A Mortgage As A Primary School Teacher?
Yes there are certainly Mortgage deals for Primary School Teachers. Depending on your length of employment.
If you are an NQT for example you will struggle, however, you may still have options. Teacher Mortgages generally follow the same rules no matter what type of Teacher you are.
Can I Get A Mortgage As A Student Teacher?
Yes! We have got mortgages for Student Teachers. A few lenders will consider this such as West Bromwich Building Society.
We have a whole article on getting a mortgage as a Trainee Teacher here.
Can Probationary Teachers Get A Mortgage?
Most Probationary Teachers are NQTs. However, others may be as well. NQTs usually struggle getting a mortgage as we said in the article here.
There are however other situations where you may be on probation and if not in your NQT year you will have options to consider with many lenders.