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A Guide to Getting a Mortgage as a Teacher

As a teacher, the gift of expanding minds is what attracts many to the profession. Being a teacher means that each and every year, you have a lasting learning impact on hundreds of students. But, does being a teacher impact your ability to get a mortgage? 

As a teacher, you have a steady income, and as a career, it can be classed as one of the most stable. Your earnings are typically predictable, and that makes you a great candidate for a mortgage. In fact, there are a number of mortgage options as a teacher. However, we want to make this first step a little easier.

This is why at trufe. we are delighted to offer a Free No Obligation Mortgage Review for all teachers.

Can I Get a Mortgage as a Teacher? 

When it comes to getting a mortgage as a teacher, most of the same rules will apply. You will need to prove your income. Many mortgage lenders look at individual circumstances and will be able to discuss your options further. 

There are specialised teacher mortgages; these are mortgages just for teachers. In some cases, mortgages for teachers will be under a category called the ‘key worker’ mortgage. 

These mortgages offer teachers a 90% to 95% loan to value rates, fixed-rate mortgages, and variable-rate mortgages. 

Do I Qualify? 

To qualify for a mortgage for teachers, you (or the person you will be living with) must be one of the followings:

  • A supply teacher with a track record
  • A newly qualified teacher (NQT)
  • A teaching assistant with an NVQ level 3
  • A nursery nurse with an NVQ level 3
  • A fully qualified teacher or lecturer
  • A children’s therapist
  • With full-time contracts
  • With part-time contracts
  • Supply teachers
  • Retired teachers
  • Agency based teachers

As well as those who receive educational related income bursaries, grants and pensions. 

Will Student Loans Affect my Teacher Mortgage? 

Student loans aren’t the same as regular debts. They don’t appear on your credit history. The exception to this rule is that if the loan was taken out before 1998 and defaulted on. Most lenders won’t ask about your student loan. However, your mortgage application is another story. 

Many mortgage lenders will ask if you have student loan debt and how much it is. This is simply because student loans do account for some of your monthly outgoings when you earn above the threshold. Student loan repayments are high for those who have a higher income, so the mortgage lender needs to understand your affordability. 

Find out how much you might be able to borrow with our teacher Mortgage Calculator.

What Discounts Can I Get as a Teacher? 

There are often key worker mortgage products on the market. These deals could be better than the average mortgage deal. There are also mortgage lenders who are specialists in mortgages for teachers. Your Mortgage Broker will know what help is available to you as a teacher.

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What Help can I Get as a Teacher? 

There used to be a scheme in place called the key worker mortgage scheme - this ended in 2019, but there are plenty of options. 

Many lenders still offer preferential rates to teachers, soldiers and doctors. 

Teachers can get help with the first-time buyers' mortgage scheme or the home mover scheme. These schemes can help you with having a larger deposit for your home. Some teachers may be able to apply for the following schemes:

Help to Buy equity loan - this gives you up to 40% as a 5-year interest-free equity loan. You will start to pay interest at 1.75% after the 5th year, and then 1% plus RPI every year after. 

Shared Ownership - you can buy between 25% and 75% of a property initially, and then buy more at a later date. This is a staircase mortgage. 

Lifetime ISA - this gives a £1,000 government bonus if you save the maximum of £4,000 a year. 

Help to Buy ISA - this scheme will give a maximum bonus of £3,000 if you save the maximum allowed of £12,000. You will need to talk to an savings specialist at your bank to understand which one is more beneficial for you. 

Right to Buy - will allow you to buy your home at a discounted price. Also known as preserved right to buy, and right to acquire. 

Many local councils offer some great deals for key workers. 

Teachers, along with other key educational workers, are often eligible for attractive government support as part of key worker mortgage schemes. You may also qualify for additional support that is even better than the standard scheme, set aside specifically for teachers that have the potential to go on and be leaders in their position. 

Can I Get a Mortgage as an NQT? 

Like most jobs, when you are newly qualified, you might find it harder to get a mortgage. It is important that you make sure you have the longest contract available to you. Mortgage lenders often prefer to see a contract of at least two years for NQTs or a permanent contract. 

Can I Get a Mortgage as a Supply Teacher? 

One of the keys to securing a mortgage is showing that you have a stable income. This can be more difficult as a supply teacher. Mortgage lenders can’t just take your word for it that you work regularly, but they will often examine teachers on a case by case basis to decide if they are eligible or not. Having a joint mortgage with someone who has a reliable income is helpful where possible. 

There are a number of lenders that cater for supply teachers as long as you have a history to show them, and that you have a large enough deposit that can help towards affordability calculations. 

Can I Get a Mortgage with a Teacher’s Pension? 

Your pension can be used as proof of income. This proof of income can help you secure a mortgage. When it comes to affordability a teachers pension and a regular pension is considered the same. 

Can I Get a Mortgage with Bad Credit? 

Getting a mortgage with bad credit isn’t impossible; it is just typically a bit harder. Some mortgage lenders will offer a teacher mortgage depending on what type of bad credit it is. 

Bad credit includes:

  • An IVA
  • Default on payments
  • Bankruptcy 
  • A home repossession23
  • A CCJ

However, many mortgage lenders will still consider your application if the bankruptcy has been discharged a minimum of 12 months, or that the deposit can be increased. 

If you want more information, then speak to Trufe today about all of your mortgage options as a teacher.

Speak to trufe. about Your Mortgage as a Teacher

To find out more about how we help teachers secure their mortgage, as a Teacher Mortgage Specialist and to take advantage of our free initial mortgage review, start your mortgage journey today, or give us a call on 0113 3205 151.

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