The challenges of teacher mortgages

Many teachers find they encounter difficulties when applying for a mortgage. This is particularly true of supply teachers and those on fixed term contracts. The reason is that some mainstream lenders consider teachers' roles as non-permanent. If you want to get a mortgage to purchase your new home, you may need to find a lender who is willing to consider applicants on an individual basis. It helps to have expert advice from a service with access to the full market of mortgage products.

teacher mortgages

Getting a mortgage as a teacher

Teachers often start jobs on a 1-year contract with a view to renewing that contract once it ends. Moreover, Newly Qualified Teachers (NQTs) are usually taken on with a 1-year contract. Without a permanent future secured, many lenders will turn down a teacher's mortgage application as their job is considered non-permanent, and thus high-risk.

Furthermore, teachers don't always have a consistent income. Some months, you may be required to work extra hours or run additional classes, but this will not always be the same every month.

Many conventional bank advisors simply won't approve the same mortgage deals to applicants with a contract-based job. That employment status is seen as less secure than a permanent position.

Mortgage approval for teachers

The key to getting approved is to make mortgage lenders feel confident that you have a permanent job. This is more challenging if you're a teacher on a contract. Your best bet is to approach a lender who considers mortgage applications on a case-by-case basis. There are some other things you can do to improve your chances of getting approval:

Saving for a larger deposit

By putting down a larger deposit, you boost your chances of getting approved for a mortgage. When the amount you need to borrow is lower, your potential risk is lower too.

Joint mortgages

If you have a partner on the mortgage, who is employed on a permanent contract, your mortgage application is likely to be stronger. This is because the responsibility for making mortgage repayments is not entirely yours to bear.

Your credit history

If you have a strong credit history, your mortgage application can be significantly boosted. Before applying for a mortgage, it's always good advice to check your credit score using one of the recognised services available. This will be a good indicator of the types of rates that you could get for a mortgage.

why use a mortgage broker

Specialist mortgage advice for teachers

Our handpicked team of specialist mortgage advisers has a wealth of experience in the industry. Additionally, every adviser has whole-of-market access, meaning we can explore mortgage lenders and products that simply aren't available to the general public. We go the extra mile to provide our service in a convenient way for your needs, and we will stop at nothing to help you find your ideal mortgage. There will be challenges when applying for a mortgage as a teacher, and it helps to have genuine expertise in your corner. To find and secure your perfect mortgage, Think Plutus.

Speak to an expert mortgage adviser today

for mortgages. Think Plutus.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

We do not charge a fee for our advice, instead we charge for arranging your mortgage. Our typical fee is £495 depending on your personal needs and circumstances. For insurance business we arrange policies from a panel representative of the whole of the market. Think Plutus® is a trading name of The Finance Planning Group Limited. The Finance Planning Group Limited is authorised and regulated by the Financial Conduct Authority (FCA). Registered in England No. 3894404. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. The FCA does not regulate most buy to let mortgages.