Teacher Mortgage

As a teacher, there may be other forms of additional income that can be used for your mortgage. You can use your Teaching and Learning Responsibility Payments, which comes in three bands

  1. TLR1
  2. TLR2
  3. TLR3

You can also use any additional income from working with SEN children in England or ALN children in Wales.

Even basic salaries come on different ranges and scales. There is the main pay range, the upper pay range, and there is also a leading practitioner pay range. This is for teaching posts for modelling and leading improvement of teaching skills. The main difficulty with this is for those in NQT or Supply teacher positions. Other positions tend to fit into the standard criteria.

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Frequently Asked Questions

In order to be eligible for a specialist teacher mortgage, you must fit into one of the following categories.

  1. A qualified teacher
  2. An NVQ level 3 teaching assistant
  3. An NQT, or newly qualified teacher
  4. An NVQ level 3 nursery nurse
  5. A long-serving supply teacher
  6. A children’s therapist

As you can see, mortgages for teachers aren’t just for teachers per se, but for everybody who works within the education of children sector.

To qualify for a teacher exclusive mortgage at least one applicant must be one of the following:

  • A fully qualified teacher / lecturer
  • A teaching assistant with an NVQ level 3
  • A newly qualified teacher (NQT)
  • A nursery nurse with an NVQ level 3
  • A supply teacher with a track record
  • A children’s therapist
  • If you fall under one of those roles, you ideally need to be one of the following contract types:
  • On full time contracts
  • On part time contracts
  • Supply teachers
  • Agency based teachers
  • Retired teachers

The short answer is “yes”, our advisors may still be able to get you a mortgage. In most cases, both fixed term and temporary contracts are acceptable to some lenders so long as there is a history of employment, or there is at least several months left to run once the mortgage has started. The longer the history and time left on current contract, the better, but it is still worth enquiring if you fall outside of this criteria as we have a list of lenders who still may consider helping you.

The answer is yes but obviously depends on your circumstances. The help to buy scheme is still in operation at present and helps people who don’t have a sizable deposit to buy their first home. With a Help to Buy Equity Loan, the Government lends you up to 20% of the cost of a new build home, meaning you only need a 5% deposit and a smaller mortgage to make up the rest.

If you have just qualified as a teacher and you are looking for a teacher mortgage, then you should be aware that there are now specialist newly qualified teacher (NQT) mortgages, which could be the perfect option for you. As always, it’s in your best interest to seek professional advice from an experienced mortgage broker to be sure you’re finding the right deal for you.

Key facts for newly qualified teachers to bear in mind: –

  • Some lenders can lend to NQTs two months before starting your first contract, as long as you have passed your PGCE
  • You could potentially move into your new home before you even begin your very first teaching job
  • Some lenders offer mortgages to buyers with as little as a 5% deposit
  • The standard 12-month first post is considered equal to a permanent position by some lenders
If you have a fixed term or temporary contract, are a permanent supply teacher who moves from school to school on a regular basis and therefore you sometimes or often have a varying income, you may be afraid that you will struggle to get a good mortgage deal.

Typically, a sustainable income is a difficult thing to prove as a supply teacher. Although currently many find work readily available. Historically some lenders have adopted quite a cautious attitude towards gauging the sustainability of income for supply teachers. This “lack of certainty” regarding the hours available to provide income, can prove problematic for when supply teachers apply for a mortgage.

Having said that, there are a few lenders that offer the flexibility to cater for supply teachers when applying for a mortgage, and if you have had a history of working in this role for several months then lenders start to accept a certain percentage of it towards their affordability calculations when establishing how much you can borrow.

A teacher’s pension is as sustainable and indefinite as any other occupational pension, and as such, if you are looking for a mortgage when retired or nearing retirement, then your pension can be used towards affordability.

Nobody’s perfect, not even teachers, and having bad credit will affect your likelihood of securing a preferential mortgage rate, however, it doesn’t preclude you from getting a mortgage deal altogether. Depending on your circumstances, some lenders will still consider you, but there may be a consequence, such as having to pay a higher deposit.

Lenders consider the following:

  • bankruptcy (if discharged minimum 12 months)
  • CCJs & Defaults (often if 15% deposit / equity minimum)
  • Late payments
  • Mortgage arrears
  • Debt management plan (often if 15% deposit / equity minimum)

You may be able to get a teachers mortgage even if you’re retired. Your circumstances will dictate what lenders are willing to offer you, and you’re likely to find that your offers are age dependent and linked to you having a sizable deposit for the property.

However, you should be aware that as a retired teacher it’s well worth you speaking to a specialist broker so that they can give you the appropriate expert advice.

Many teachers will be starting out on 1 year contracts with the potential to be renewed for the first 3 years of employment, until a permanent position is offered. Lenders however will still help. In fact, if you still have a decent period left on your contract and you can show a past history of moving successfully from contract to contract with no large gaps in between, some lenders are going to be more than willing to look at a mortgage for you.

Occasionally mainstream lenders release professionals and Key worker mortgage products that are enhanced deals compared to the rest of the product range they offer. There are also one or two lenders that specialise in lending to teachers exclusively. It’s best to get professional advice here about which lender will offer you the best deal for your circumstances.
Newly Qualified Teacher Full

Mortgage for Newly Qualified Teacher (NQT)

One thing that poses difficulty to newly qualified teachers when they are looking for a mortgage is the fact that they have a fixed-term contract. Whilst you may find some lenders who accept this, the majority of lenders don’t, which makes it tricky. However, we can help to negotiate with lenders and ensure that you have the same mortgage opportunities as fully-fledged teachers.

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Mortgage for Trainee Teacher

As a trainee teacher, you are more than entitled to get a mortgage, however, due to the fact that your income could be coming from bursaries, you may have some challenges. Being in contact with specialist mortgage brokers, like ourselves, will massively increase the chances of success in your applications.

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Child Welfare and Family Social Worker Full
Teaching Assistant Full

Mortgage for Teaching Assistant

Teaching assistants have lots of opportunities to be approved for a mortgage. Teaching assistant mortgages come in a variety of ways, they may be provided by specialist lenders or even high street chains. Despite this, there are still many things you need to consider, such as credit scores, how much you can borrow and others. Specialists such as ourselves can help you to navigate these obstacles and find the best mortgage for you.

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Mortgage for Supply Teacher

There are certain terms to do with your employment history and contract that can affect whether you can get a mortgage or not. Supply teachers still have a lot of options when it comes to being approved for different mortgages. If you are a supply teacher and are unsure of the terms and types of mortgages available to you, as mortgage specialists, we can help you.

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Supply Teacher Full
Teaching Contract Full

Fixed Term Teaching Contract

When it comes to mortgages for teachers on a fixed term contract, there are some requirements that need to be met in order for them to be approved. However, as long as you receive the correct advice, the process doesn’t have to be difficult. We can help to find the best mortgage for you, even whilst you are on a fixed term teaching contract.

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Mortgage for an Unqualified Teacher

As an unqualified teacher, it can be hard to find a lender who will approve you for a mortgage. If you are unsure about what to do in your situation as an unqualified teacher who is looking for a mortgage, then we can help. As professional mortgage brokers, we can help to find the best option for you that will fit your budgets and career status.

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Unqualified Teacher Full

Had previous problems getting a mortgage?

If you have been told you are ineligible for a mortgage, speak to a specialist who can give you the help you need.

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