Who Qualifies For A Teacher Mortgage
Becoming a teacher is not an easy ride and it is sometimes a case of working your way up, so, teacher mortgages can be accessed from a number of different levels of qualification, whether you are fully qualified, newly qualified or a teaching assistant. In case you are wondering if you qualify, we have listed who would be eligible for a teacher mortgage:
- A fully qualified teacher
- A fully qualified lecturer
- A teaching assistant with a minimum NVQ level 3
- A nursery nurse with a minimum NVQ level 3
- A supply teacher with a track record of employment
- A children’s therapist
Although teacher mortgages are exclusive to those who work in the educational sector, lenders still have guidelines and factors to consider upon offering you a mortgage deal. Your affordability and credit history is still something a lender is likely to assess, as even though you are a teacher, they will not want to enter into a risky contract.
Your Contract is Important
Even if you are in one of the positions mentioned above, the type of contract you are on can also determine whether you will qualify for a teacher mortgage. For example, even if you are a fully qualified teacher, being on a temporary contract can influence whether you are accepted for a teacher mortgage or not.
Newly Qualified Teachers
As a newly qualified teacher, you may be itching to secure your own home as the next step in your adult life. However, recent changes have occurred to the teaching system, meaning newly qualified teachers will be on a one year contract until a permanent position becomes available. Consequently, a lender could see this as an unstable income because, after a year, you are not necessarily guaranteed to get a permanent contract. However, it’s not all doom and gloom, if you are a newly qualified teacher, an NQT mortgage can still be obtained with a specialist provider.
As a supply teacher, you may not necessarily be the ideal candidate for a teacher mortgage lender. This is because your income is not guaranteed as your contract isn’t fixed, so you work as and when a position needs filling. To a lender, this could present risks, such as not being able to afford your mortgage payments because you have not needed to cover any absenteeism.
Temporary Contract Teachers
Temporary contract teachers are also along the same vein as supply teachers. On a temporary contract, you don’t have the guarantee of hours and salary, therefore you are deemed as a risk. However, if you can prove a long history of employment or a contract that forecasts future employment, then you will be more attractive to a lender and more likely to secure a teacher mortgage.
Teachers with Bad Credit
Even if you have bad credit, you could still qualify for a teacher mortgage, you may just have to pay a higher interest rate to compensate for the risk you present. Bad credit can be obtained through the likes of missed payments, CCJ’s, defaults and previous declared bankruptcy and it can often seem like there is no way out. However, some lenders specialise in bad credit mortgages and if you are a teacher with a stable income, you are more likely to be accepted even if you do have bad credit.
Are You A Teacher Looking For A Mortgage?
If you are a teacher, whether you are a teaching assistant or someone who is fully qualified then give us a call. As a mortgage broker, we have access to a variety of deals on the market, which means we do all the shopping around for you, so you can be sure you have the best deal possible.