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Teacher Mortgages - what are the options?
How can I find a Teacher Mortgage?
A teacher mortgage isn’t a specific product, but most lenders see teachers as good potential customers. A few years ago the government created special mortgages for key workers including teachers and NHS staff, but these aren’t available any more.
To get a mortgage, you first need to understand the types of mortgage available, how much you could borrow and whether the monthly repayments will be affordable. You will also need a deposit. The more you can put down, the lower the repayments on your mortgage will be.
Mortgage calculators are useful tools to help you with this, or contact the Mortgage Advice Centre and we will talk everything through.
What types of Teacher Mortgages are there?
Typical types of mortgages include:
First Time Buyer mortgages
First Time Buyers take out the same mortgage products as people moving home or remortgaging. There are various borrowing options on a mortgage, so it helps to be clear about whether you would prefer a fixed or variable rate, on a repayment or interest only mortgage.
People often remortgage towards the end of a fixed rate deal – if not, the payments will go up considerably. Remortgaging can often save you money at any time, especially if interest rates have fallen or your property has increased in value. It is also a way to release funds – often used to fund an extension or renovation.
Buy to Let
You need a Buy to Let mortgage if you’re letting a residential property out to tenants. This applies whether you already own the home or are buying one. You will need a bigger deposit for a Buy to Let mortgage, typically 25%, and interest rates are often higher.
Things to consider for Teacher Mortgages
Lenders will base the mortgage offer on your income, and will also look at your credit score. You don’t need a perfect credit history for a mortgage, but previous debt problems could mean that you face higher rates and have a narrower choice of mortgage lenders.
Newly Qualified Teachers
NQTs often have a low income during training, which may lead you to worry about getting a good mortgage offer. But in fact some specialist lenders will offer NQTs a mortgage even before they start teaching full time. It’s a question of finding the right provider – which is something the Mortgage Advice Centre can help with.
Supply Teachers often have more variable income thanks to temporary contracts and the unpredictable nature of their work. If you’re Self-Employed, it can add a couple of extra steps to the mortgage application. It’s not necessarily harder to get a mortgage, you’ll just need to find a suitable lender and make sure you have the right documents to prove your income.
Mortgage Protection Products
Education professionals have good, secure jobs, but it’s still important to make sure you’re well insured. It’s important to consider mortgage protection products, which cover your mortgage costs if you were to die, or couldn’t work because of illness or injury.
Typical products include life insurance, critical illness cover and income protection. We can talk you through each option and how they might support you and your family.
Can a Mortgage Broker help me find a Teacher Mortgage?
Mortgage Brokers like the Mortgage Advice Centre take the stress out of finding a mortgage and buying a home. We’ve helped lots of busy teachers compare mortgage deals and find a suitable product.
Our expert mortgage advisors will get to know you and explore your property plans and preferences. We can then look at products from high street and specialist lenders to find the best match.
Mortgage Advice Centre is registered in England as a trade name of Just Mortgages Direct Ltd, an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. To find out more about how we can help you with teacher mortgages, contact our registered office today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.