Teaching Assistant Mortgage
The essential guide to getting a Teaching Assistant Mortgage.
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Can I Get A Teaching Assistant Mortgage?
Yes, if you are a Teaching Assistant you can get a Teaching Assistant Mortgage. As a Teaching Assistant you are a core part of our education system. As such many of the specialist Lenders and Products available to Teachers are also available to you. However they may not always be the best option for you. When choosing a mortgage product there are a lot of variables to consider such as credit history, income, and deposit. You should therefore speak to a specialist who will be able to give you a steer in the right direction. As a Teaching Assistant we offer the same discount of no broker fees that we give to Teachers.
What Types Of Teaching Assistant Mortgage Are Available?
Teaching Assistant Mortgages come in all shapes and sizes, they may be with specialist Lenders such as Teachers Building Society, or a high street lender.
Popular Mortgage Types
Fixed Rate Teaching Assistant Mortgage
A Fixed rate Teaching Assistant Mortgage is probably the most common type of mortgage. They offer a fixed rate of interest for a set amount of time. This therefore means that you know what your monthly payments will be for the fixed rate period. This type of mortgage often have early repayment charges, therefore meaning you may have to pay a fee to leave the mortgage during the fixed rate period.
Tracker Rate Mortgage
Tracker rate Teaching assistant Mortgages tend to track the Bank of England base rate. This means that as the base rate goes up or down so will your monthly payments. This can feel slightly unstable, however there are some benefits to this type of mortgage. You may get a better initial rate with a tracker rate mortgage. You may also not have Early Repayment charges, meaning they are slightly more flexible.
Discount Rate Mortgage
Like tracker rate mortgages, discount rate mortgages are variable. They can go up and down over time. Discount rate mortgages offer a discount on the lenders variable rate. This therefore means that as the lender puts its variable rate up or down your monthly payments will go up and down as well. You will often get a good initial rate with a discount rate mortgage, and again they often do not have an Early repayment charge.
Can I Get A Newly Qualified Teaching Assistant Mortgage?
If you’ve only recently started your position and are looking for a Teaching Assistant Mortgage you may be on a short term contract, this can make getting a mortgage difficult. You may also only have a month or two of income evidence. There are still options available though. Lenders such as Teachers Building Society understand the education sector.
Even with a short amount of time, or a job not quite started yet you may still have options available. Speak to a specialist mortgage advisor and they should be able to help.
Can You Get A Teaching Assistant Mortgage With Bad Credit?
Yes! Bad credit may stop you from walking into your Bank and getting a mortgage. However you will still have options. There are lenders that will consider Bad credit as recently as 6 months ago. Largely it will depend on how long ago it was, how much it was and what it was for. Lenders will most likely want to see the debt paid off before you apply.
If you think you have bad credit your first step should be to get a copy of your credit report to see the details. For this we recommend Checkmyfile as they give you access to the three major credit referencing agencies used by Lenders. Once you have your report speak to a specialist mortgage advisor that can guide you through the rest of the process.
Can I Get A Teaching Assistant Mortgage If I’m Part Time?
Absolutely! Being part time shouldn’t stop you getting a mortgage. You may be receiving other forms of income such as Child Maintenance or State benefits. Lots of lenders will take these into account as well when working out how much you can afford.
Are There Specialist Teaching Assistant Mortgages?
Yes! Teaching Assistants get access to many of the same mortgages available to Teachers. As Teaching Assistants are so integral to our education system in recent years many lenders extend their Teacher mortgage products to Teaching Assistants as well. If you are looking for a Teaching Assistant Mortgage you should speak to a specialist mortgage advisor. This is because whilst you do have access to specialist teaching assistant mortgage products and lenders they may not be the best solution to your problem.
Are There Teaching Assistant Mortgage Schemes?
Yes and No. There are schemes available that you may be able to use as a Teaching Assistant. They may not be specifically for you, but they may help get on the property ladder.
Government First Homes Scheme
The Government First Homes Scheme was announced in early 2020 and if approved will be ideal for Teaching Assistants. The Government First Homes scheme will offer a 30% discount on eligible New build properties. This scheme hasn’t been released yet, but when it does it has been announced it will be available for Key Workers and First Time Buyers.
Government Help To Buy Scheme
The Government Help To Buy scheme has been around a while but from Mid December 2020 is for First Time Buyers only. There will also be purchase price caps by region. Essentially the scheme offers a 20% equity loan interest free for 5 years, at which point you begin paying the interest. This allows you to put down a 5% deposit and get a 75% mortgage, and therefore usually get a better interest rate.
Shared Ownership Scheme
The Shared Ownership scheme has been around for decades. It essentially allows you to part rent and part own your home. This therefore means you can get on the property ladder with a lower income or smaller deposit. It is ideal for people looking to get on the property ladder.
Right To Buy
The Right to Buy scheme is specifically for council tenants. It allows you to purchase your property at a discounted price. You need to be eligible for the scheme which means you should check with your Local Authority. This scheme can offer a great way to get on the property ladder with a small or even no deposit.