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Mortgages for Teachers

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 15th October 2019 *

Mortgages for teachers (and other professionals that work in the educational sector) can come with some fantastic benefits. These include top interest rates, low deposit options, flexible criteria, special underwriting when it comes to temporary contracts, variable income, and more.

In this article, we’ll be looking at the following: 

If you’d like to find out what sort of mortgage you’d qualify for as a teacher, speak to one of the expert brokers we work with. They’ll be able to advise you on the next steps to take, how to enhance your application, and which mortgage products are best suited for you. 

Call us on 0808 189 2301 or make an enquiry and we’ll match you with an advisor shortly. 

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Do I qualify for a mortgage as a teacher? 

Usually, to qualify for a mortgage as a teacher, at least one applicant (if applying for a joint mortgage) must be one of the following:

  • A fully qualified teacher/lecturer
  • A teaching assistant with an NVQ level 3
  • A newly qualified teacher (NQT)
  • A nursery nurse with an NVQ level 3
  • A supply teacher with a track record
  • A children’s therapist

If you fall under one of those roles, you ideally need to be one of the following contract types:

  • On full-time contracts
  • On part-time contracts
  • Supply teachers
  • Agency based teachers
  • Retired teachers
  • And those receiving other educational related income grants and bursaries

Can I get a mortgage with a fixed-term or temporary teaching contract?

Fixed-term or temporary contracts are acceptable to some lenders so long as there is a history of employment, or there is at least several months left to run once the mortgage has started. 

The longer the history and time left on the current contract the better, but it’s still worth enquiring if you fall outside of this criteria as in certain circumstances, we have access to lenders who can manually review applications case by case, for common sense and fair lending decisions.

Mortgages for teachers who are newly qualified

Are you a new teacher, or an experienced teacher who has just moved jobs? You may even start out on a 1-year contract with the potential to be renewed for the first 3 years of employment until a permanent position is offered. If this applies, you may be left many new teachers searching for a mortgage lender that will accept them.

Newly Qualified Teacher (NQT) mortgages exist, and the specialist advisors have access to them all. These lenders will accept NQT applications and process mortgages in the normal way as if you were any other teacher/employee. 

Note: Not all lenders offer this, and if you just go direct to your bank, you may be limiting yourself. Make sure you have every option available by making an enquiry today and have one of the teacher mortgage experts give you the right advice.

Mortgages for supply teachers

Typically, a sustainable income is a difficult thing to prove as a supply teacher, because although currently many find work easily, lenders have a cautious attitude towards it being as there is no certainty to the hours available to provide income, especially for the life of the mortgage.

Having said that, there are a select few lenders that cater for supply teachers, and if you have had a history of working in this role for several months, lenders can accept a certain percentage of it towards their affordability calculations when establishing how much you can borrow. Some providers, however, would want to see 1 year’s history of employment, while others consider applicants on a case-by-case basis. 

If you have a second applicant on the mortgage who is fully employed on a permanent basis, then this only strengthens the application

Mortgages with a teacher’s pension

A teacher’s pension is as sustainable and indefinite as any other occupational pension, and as such, if you are looking for a mortgage when retired or nearing retirement, then your full pension can be used towards affordability.

Are there any special mortgage deals for teachers?

Occasionally, mainstream lenders release professionals and key worker mortgage products that are enhanced deals compared to the rest of the product range they offer. There's also one or two lenders that specialise in offering mortgages for teachers exclusively. 

As they are few in number, often it pays to scope the entire market for deals that aren't exclusive, as these can be just as competitive if not more so depending on the loan to value and your circumstances.

Can being a teacher help me get a mortgage with less deposit?

Teachers, along with other key educational workers, are often eligible for attractive government support as part of the key worker mortgage scheme. You may also qualify for additional support that is even better than the standard scheme, set aside specifically for teachers that have the potential to go on and be leaders in their position.

Mortgages for teachers with bad credit

If you've had credit issues in the past and finding it hard to get a mortgage, then don't fret – you could still be eligible.

Some lenders can consider the following:

Speak to an expert about getting a mortgage as a teacher 

To make an enquiry about mortgages for teachers or for anything else, please call us on 0808 189 2301 or make an enquiry and we’ll match you with an expert broker shortly. 

Updated: 15th October 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.