Teaching is a profession that comes with many perks. Longer summer holidays, plentiful job opportunities and the joy of teaching the next generation some of the most crucial life skills are just a few of the benefits of teaching. However, you might not be aware that working in the teaching profession may actually help you to secure a special rate on your mortgage when you decide to buy a home.
Whether you are a first-time buyer or you are looking to upscale your existing home and purchase a new one, the question on the tip of your tongue may well be: "do teachers get special mortgages?" If you want to learn the answer, read this guide and you will find the answers to all of your questions.
In short, teachers can get access to better than average mortgage deals. The kind of mortgages that teachers can get is varied but there is a range of choices, whether you're looking for a residential mortgage or a buy-to-let mortgage in the hope of renting out a house as a source of valuable extra income. If you are a teacher in a permanent job or you have regular income from your work as a teacher then you may be eligible for special mortgage rates from many lenders.
Teachers are some of the world's heroes. Maybe you didn't like your high school chemistry class or you found physics a drag, but take a minute to think about it. Teachers instil our next generation with the knowledge and life skills they need to go forth and rule the world someday. If you're a teacher then you'll understand just how amazing teachers can be.
More than just being heroes, teaching jobs tend to offer a level of stability, especially for those teachers who are in a permanent role or have been in their jobs for a prolonged amount of time. This makes teachers lower risk applicants than many other people who are in less stable employment. This gives teachers access to special deals, providing better mortgage rates for teachers.
Generally, the classification of "teacher" applies to those working in the educational profession or working with children more generally, such as child therapists. A variety of people qualify under a lender's general definition of "teacher." These include:
Teachers can benefit from a varied range of mortgages, such as fixed-rate mortgages, variable-rate mortgages and buy to let mortgages. Additionally, teachers can often use the government's Help to Buy scheme and shared ownership schemes to secure a mortgage that works for them. It all depends on the type of mortgage that you want but there is an array of choices to ensure that, as a teacher, you can find a mortgage that suits your personal circumstances and can help you to purchase the property that you desire.
Some teachers will be able to find better deals than others. This is often based on their income, teaching contract and their length of experience and service. Teachers who work for agencies, in supply work or have a fixed-term contract might experience a more difficult time in finding the most suitable mortgage deal for them as they do not have the stability or regular income potential in the same way as teachers in a permanent position do.
However, it is absolutely possible for teachers who are not in a permanent role, as long as they can prove their income is consistent. For example, providing payslips from the previous 12 months, tax returns, bank statements and any other proof of income can substantially boost the chances of being accepted for a mortgage. This evidence of regular income can make lenders more confident when agreeing to a mortgage and there are some brokers and lenders that will offer innovative deals to help those agencies, supply and fixed-term workers.
Getting a mortgage for a teacher is similar to the way anybody gets their ideal mortgage to suit their individual requirements and circumstances. The first step is to save up for a deposit. Some lenders will require a deposit of between 10 per cent and 15 percent, although if you are using the Help to Buy scheme, you will only need a 5 per cent deposit. Ensuring that you have sufficient funds saved up will make it easier to get accepted for the mortgage that you want.
Once you have your deposit in place, it's time to find your home and apply for your mortgage. You will need documents such as proof of your income and your photo identification. Brokers and lenders will usually run a credit check as part of your application, so having better credit can also boost your chances of acceptance.
Finding the right mortgage broker for your needs is an excellent way to find the most suitable mortgage deals. At Mortgage Mentor, we are offering an innovative new mortgage brokerage coming soon. To get in touch for free advice, please contact us at Mortgage Mentor.*
Contact UsAs a mortgage is secured against your home/property, it may be repossessed if you do not keep up with the mortgage repayments.
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