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Teacher Mortgage Advice

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Mortgage360 are here to help you make the right choice.

Here at Mortgage360 we pride ourselves on offering tailored advice, coupled with great service. We are mortgage experts, so you can rest assured that you are in safe hands when searching for your new mortgage, whatever your situation may be.

Key Benefits

We are committed to guiding you through one of life's most significant financial decisions.

When it comes to securing the right mortgage, our expert team is here to ensure that you make informed choices tailored to your unique needs.

We have access to lenders who offer specialist mortgage products for teachers and other professionals.
We’ll help you make the most of your stable profession to identify the most suitable deals.
We’ll guide you through the application process, from start to finish, to secure the most competitive rates.

Getting a mortgage as a teacher is very similar to every other mortgage applicant. You will need to follow the same processes, including proving your income, although your profession may mean that lenders are willing to look at your individual circumstances as part of the application process.

However, there are some specialised teacher mortgages and a few lenders who offer special mortgages specifically designed for professionals such as doctors, nurses and accountants. Certain lenders are more confident in allowing professionals to borrow a higher multiple of their salaries, as they are viewed as lower risk.

Their professionals are seen as stable, generating regular salary increases. For this reason, they may allow teachers to borrow up to 5.5 times their salaries, which can increase your budget significantly.

Is it easier for a teacher to get a mortgage?

The teaching profession, alongside other professions, is viewed favourably by mortgage lenders because of the inherent stability of the role.

Stability of employment, long-term job security and prospects, annual increments and the level of education required all serve to make teachers attractive prospects in the mortgage market.

However, other aspects can affect your application for a teacher mortgage. Length of employment, the type of teaching contract you have or an adverse credit report can all impact upon the process. As with any other mortgage applicant, it’s important to make sure your financial situation is optimised for your application. At Mortgage360, we’re here to help you do that.

Is it more difficult if you are also a first-time buyer?

Making the decision to step onto the first rung of the property ladder is a challenging time, but it needn’t be too difficult for you as a teacher. There’s lots of support out there, and you’re working in a favourable profession!

Teachers as first-time buyers don’t usually experience difficulties getting a mortgage. There can be some hurdles to jump through if you are a newly qualified teacher (NQT), a supply teacher or a trainee teacher, but we can help with that.

Many mainstream lenders are happy to consider first-time buyer teachers and also offer competitive rates.

Are there any mortgage schemes with specific benefits?

The government Help to Buy scheme which proved so popular is now closed, but there are other initiatives open for consideration by teachers.

Shared Ownership is another government scheme helping first-time buyers from all walks of life to purchase their own homes. Shared Ownership lets you buy 25% or more of your home and pay rent on the remaining percentage. However, there are a limited number of Shared Ownership homes on the market.

Launched in 2021, the government’s mortgage guarantee scheme offers participating lenders a guarantee to encourage them to lend to borrowers with only a 5% deposit. The scheme has recently been extended to June 2025.

For first time buyers, the government’s First Homes scheme offers newly built homes to key workers, at a discount of at least 30% of the market value compared to the market value of equivalent properties. The eligibility criteria will differ depending on where the property is located, and the number of First Homes being built is limited.

If you’re saving for a deposit, don’t forget Lifetime ISAs. If you’re aged 18-39, you can open a Lifetime ISA and save up to £4,000 a year. The government will then give you a bonus of 25% on your contributions, topping up your deposit savings.

Right to Buy could apply to you too as a teacher, if you’re a council tenant in England, helping you buy the home you’re renting at a significant discount.

At Mortgage360, we can advise on all aspects of mortgage benefit schemes and deposit saving – give us a call.  

Are mortgage rates lower for teachers?

Teachers can sometimes secure more competitive mortgage rates because of the perceived stability of their profession. However, every case is different and other aspects of your application will also impact the mortgage deal secured.

Affordability may also be viewed in a different light; many lenders are willing to advance up to and beyond the five times income ceiling to teachers, and more lenders will be favourable towards your application because of your secure profession, which means you will often qualify for better interest rates, reduced deposits or fees.  

Can newly qualified teachers get a mortgage?

Yes, but it can be more challenging, as contracts for newly qualified teachers (NQTs) are usually fixed term and you probably have no employment history.

However, many high street lenders do offer products for NQTs, and in some cases even before they begin their NQT year. At Mortgage360, we can advise and guide you on the process.  

Is it possible for supply teachers to qualify for a mortgage?

Again, yes, but it can be more difficult than for teachers on a permanent contract. It will also depend upon your personal situation – whether you are a long or short-term supply teacher or even a new supply teacher.

A two-year history and record of income from supply teaching is preferable, but there are lenders who look at individual case-by-case applications. We can help.

Can retired teachers get a mortgage?

Yes – there are a number of options for the retired teacher, aside from later-life lending products such as equity release or lifetime mortgages. Your teacher’s pension income will obviously play an important role here. Older borrowers can access retired teacher mortgages, often without age restrictions – specialist lenders may go beyond the usual age 70 limits.

Assessment will be the same as for any other mortgage applications, based upon your pension and any other additional income as well as your deposit (which may be the equity in an existing property).

If you are already a homeowner, it’s vital to take professional advice. Talk to us at Mortgage360 – we’re always honest, practical and impartial.

What kind of deposit is required?

Typical deposits for teacher mortgages are the same as for any other applicant. However, if you have a larger deposit, you’ll have more deals and more lenders to choose from, which means you will be able to secure a better mortgage deal.

What are the requirements for a teacher to be eligible for a mortgage?

Lenders base their mortgage assessments largely on risk and affordability, so as a teacher you will be viewed in a more favourable light.

If you’ve been qualified for some time and have a good credit history, you should be able to secure attractive loan terms.

Like every other applicant, you will need;

  • A positive credit report
  • Proof of identity and address
  • Evidence of your deposit
  • Proof of income
  • Proof of affordability

How can Mortgage360 help Teachers get the right mortgage

At Mortgage360, we have experience helping professionals to secure advantageous mortgage deals. We offer specialist advice and can access an extensive portfolio of mainstream and specialist lenders to help you find the right lender and the mortgage product that matches your individual circumstances.

We’ll take you through the application process and manage the administration – we understand the challenges of your working hours as a teacher and will work with you to make the process swift and easy. Talk to us!

Teacher Mortgage Advice

Here at Mortgage360, we can provide expert advice on all your mortgage and insurance needs.

Whether you’re ready to get started on your journey now, or you’d just like a no obligation consultation, we’d love to hear from you…

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Reviews

See what our clients are saying....

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Pippa Lister
April 11, 2024

Gavin at Mortgage 360 was superb throughout. He responded quickly to any questions or queries we had, worked round our busy work life with evening zoom meetings and kept us regularly updated. He made the whole process straightforward and clear. Thank you Gavin

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M Wick
April 10, 2024

Matt at Mortgage360 is an amazing broker. He was always on hand to lend support and offer calm and well explained help. As a first time buyer, his help was always appreciated and the service which they offer is top notch. I could not recommend mortgage360 highly enough

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Stormin' F
March 13, 2024

I cannot recommend Gavin more highly for his invaluable and trustworthy expert support in navigating through the mortgage process. I have used Gavin’s services several times over the years and he had always gone above and beyond the call - thanks Gavin.

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Ash Gibbs
March 9, 2024

Gavin has helped us to no end. Brilliant service and he was willing to go the extra mile to ensure we got the very best deal.

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Ross McWilliams
February 22, 2024

Our experience using Mortgage360 has been absolutely brilliant. Matt has been there for us and supported with our mortgage application every step of the way, with an excellent outcome. Thank you for everything - you’re a star!

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Jonathan Bush
February 16, 2024

Gavin arranged my Mortgage for my first home and i couldn't have been happier with the service received, explained things in great detail and communicated efficiently. I would recommend Mortgage360 to anyone in need of mortgage advice and I will be definitely using them in the future.

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Nigel Porritt
February 15, 2024

I contacted Mortgage360 I was looking for help with the purchase of my first home. They were great at explaining all of my options, taking time to ensure I understood everything fully and constantly provided updates throughout the whole process. I couldn’t have asked for a better service and would highly recommend them. Thanks Gavin and Matt!

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Richard Espin-Bradley
February 9, 2024

Matt Illingworth was superb! Readily available on the phone, or always called back within a short space of time. Made plenty of time to discuss our needs and never tried to hurry us into making decisions. His advice was clear and helpful.

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James Hall
February 9, 2024

Gavin at mortgage360 has been outstanding, gives incredibly in depth information about all things mortgage related. Has helped us secure a mortgage at a better rate than we could have got ourselves, saving us lots of money. He made the whole process as stress free as possible and provided all templates for files we needed to send and always got back to our queries within a couple of hours at maximum. If I could give more than 5 stars I would. Keep it up Gavin!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, however we estimate this to be between £200 and £600.