Teacher Mortgages

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Teacher Mortgages – A Short Guide 

Do Teachers get special mortgages?

There are no specific mortgage products for teachers but there are specialist lenders who aim their mortgage products at teachers. It is important to pick a lender who understands your situation as a teacher whether that be because you are a newly qualified teacher, a supply teacher or Self-Employed.

It would be advisable to seek help from a Mortgage Adviser to explore the options available based upon your current circumstance. Specialist lenders can be advantageous as they tend to understand the progression that can occur in your career.

How much will I be able to borrow for my mortgage as a teacher?

The amount that you will be able to borrow will depend upon how much you are earning. Lenders will want to look into your credit score and history to check you are a reliable borrower as well as assessing your finances; this is to ensure you can afford the mortgage you are applying for.

If you have a secondary income, do a lot of overtime or receive bonuses then you might want to factor these into your income as well. It is important to remember that every lender will assess and factor these in to your affordability differently and therefore expert advice is essential to ensure you get the deal that fits you perfectly.

Purely Financial Planning experts can help find a mortgage that is right for you. You can speak to a member of the team today to explore your options. Once you have explained your wants from a lender a Purely Financial Planning expert will hand pick mortgage lenders that fit your criteria and more importantly lenders whose criteria you fill.

What if I am a Self-Employed or freelance teacher?

If you happen to be Self-Employed or a freelance teacher then you might be wondering how the mortgage situation might differ for you. The only real difference is in how you prove your income, all of the checks and the process of a mortgage application are the same as a full time PAYE employee. 

You will need to be ready to prepare up to three years’ worth of accounts as well as your tax overviews and SA302 forms. There are specialist lenders out there if you do not have three years’ worth of accounts, but it would be worth speaking to a mortgage expert beforehand to discuss your options.

Even if you are Self-Employed, freelance or even on temporary contracts and an educational professional you will still find lenders out there willing to cater towards you due to your career status. 

How can Purely Financial Planning Adviser help?

As a key worker teacher you are going to want to ensure that you are making the most of your career status to access specialist mortgage products. Here at Purely Financial Planning, we have access to the independent mortgage market meaning we can access lenders that are not available on the high street. This allows for more options when exploring which lender will be the right fit for your situation. 

A mortgage expert will listen to your needs and gain an understanding of your current financial situation before picking out lenders that could be the right fit for you. As a teacher you will want to make the most out of your position and there are specialist lenders out there ready to cater towards you.

If you are looking for a Buy to Let as a teacher then a lot of the mortgage products available are not authorised and regulated by the financial conduct authority. Buy to Let mortgages can be confusing and complicated so it would be worth getting in touch with an expert at Purely Financial Planning to ensure you are making legitimate and correct investments.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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