Teacher Mortgages

Many mortgage lenders look at applications from teachers with favour. 

This is because not only do teachers tend to stay in one area for a while, but their career is often quite stable, long, and has a real chance for growth.

In that sense, teachers are much more likely to not only stick with a mortgage but pay it reliably. Compared to many other professions, they may be entitled to a range of promising benefits lending companies use to attract their attention.

Lenders will prefer that you have a full-time position already before you apply for a mortgage. This also means those in full employment will be looked on favourably compared to supply teachers or those that run on zero-hour contracts. That said, sometimes, finding the right lender can help you assess your suitability more favourably if your employment situation is unique but dependable.

In some cases, a Newly Qualified Teacher (NQT) mortgage can exist. Sometimes, even one-year contracts that can be renewed for the first three years of employment before a permanent position is given can be utilized.

A teacher’s pension is considered a sustainable, secured asset that has the chance of growing depending on the upward mobility available where they work. Often, a teacher’s pension can be utilized towards the affordability of a more favourable mortgage. Even retired teachers can benefit from using a teacher-specific lender that gives them the full scope of affordability options given their pension necessities. In some cases, you may even qualify for special rates should you opt for a teacher-specific lender. As teachers also have access to all standard mortgage schemes, even Buy to Let or Remortgage options may be on the table.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.