Teacher Mortgages

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Teacher Mortgages - What you need to know

There’s no such thing as a standard mortgage. The availability of mortgages and how much they cost depends on various factors, including age, previous credit history, and profession. In many ways, what you do for a living is arguably as important as how much you earn. There are, after all, some jobs that can be well-paying but short lived and for that reason, they’re not as attractive to lenders.

If you work in the educational field, then it’s important that you work with a mortgage broker that specialises in helping people just like you. The process of getting a mortgage can be straightforward, if you work with the right people. On this page, we’re going to take a look at some of the key pieces of information that educators should know about teacher mortgages.

An explanation/overview of mortgages for Teachers

If there’s one thing to know about getting a mortgage as a teacher, it’s this: educators tend to be in a strong position when it comes to getting a mortgage. One of the key things that lenders look at is job security, and even during uncertain economic periods, the jobs of experienced and talented teachers are rarely under threat. Still, even though you may be in a better position than most to get a mortgage, it’s important that you’re working with an experienced mortgage broker, in order to ensure that you get one that works for you.

Whilst there is no teacher specific mortgage a broker will be able to give you access to mortgage deals and lenders who are sympathetic to the circumstances of your role.

Teacher Mortgages for FTB/Remortgaging and BTL

In some cases, you may want to just get a traditional mortgage for a property, but there’ll be times when a special type is needed. For example, this could be the case if you’re a first-time buyer (FTB) or you’re looking at a Buy-to-Let (BTL) property. You may also want to remortgage your existing home. Because these types of mortgages can be slightly more complicated than other mortgages, you’ll want to work with a company that knows the ins and outs of these types of mortgages. Many teachers are specifically interested in the First Time Buyer mortgages, especially since once they’ve qualified as a teacher, they have a stable income, perhaps for the first time. It’s at this period when the idea of owning a home becomes a reality.

Building an accurate picture/affordability and career path of teachers

It’s important that you’re working with a company that understands the education industry. You’ll find that in doing so, you’re able to get the most appropriate mortgage deal. Teaching is a unique profession in that the career path is reasonably well-defined. The pay structure means that it’s always possible to have an understanding of how much a teacher will be earning at a specific point in their career. It may vary somewhat, but you can get a vague idea, at least. This allows lenders the chance to create an idea of how much mortgage a teacher will be able to afford.

Newly Qualified

We mentioned earlier how newly qualified teachers usually begin thinking about buying a property pretty early on in their teaching career, in large part because it may be a realistic option for the first time. The good news is that it’s possible to get an NQT mortgage, even before you start your teaching position. In fact, it’s possible to have moved into your property before you start your first day. Of course, this will depend on various factors, such as how much deposit the teacher has, the type of teaching post they’ll be working at, and so on. But the main thing to remember is that being newly qualified does not disqualify you from getting a mortgage.

Supply Teachers

A lot of people on temporary work contracts think that it’s difficult, or even impossible, to obtain a mortgage. But this is not the case, and especially if you’re a supply teacher. If you work with a mortgage broker who has specific experience in obtaining quotes for supply teachers, then you’ll be giving yourself a good chance of getting on the property ladder.

How pensions work

The amount of money in your person will also influence the cost of your mortgage. How much you pay will depend on the amount that you earn, with an upper percentage of 11.7% for those teachers in the highest pay bracket. The lower end of the scale sits at 7.4%.

Mortgage Protection products

Though teaching is a secure job, and thus makes it an attractive proposition for lenders, it’s also true that you never know what will happen in this life. That’s why there’s a range of Mortgage Protection products. These are designed to cover the costs of the mortgage in the event of a person’s death, or in some cases, if they become disabled and they have to give up their job. Mortgage protection will give you the peace of mind that, after you’ve gone through the hard work of buying a home, that it stays in the family no matter what happens.

How can a Mortgage Broker help if you are a teacher?

Because the world of mortgages is pretty complicated, it’s always recommended to work with an experienced broker, no matter what industry you work in, including if you work in the educational sector. This is because an experienced mortgage broker will be able to discuss all the options available to you. They can tell you the options that are suitable for your unique circumstances, and which are not. If they’ve had success obtaining mortgages for teachers in the past, then that’ll be a good sign that they’ll be able to help you too.

Final Thoughts

As we’ve seen, there’s much to know about getting a mortgage when you’re a teacher! If you have any questions about the process, or you just want to know more, then be sure to get in touch with us here at Pia Financial Solutions. Our professional and experienced staff aim to make the process as easy and stress-free as possible, and will be happy to discuss your options with you.


Some Buy to Let mortgages are not regulated by the Financial Conduct Authority