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Mortgages for Teachers

Teachers are important professionals, and your role may be a factor in the mortgage products you qualify for. While keyworker mortgages no longer exist, this guide runs through the best ways to ensure you find the best rates on a teacher mortgage.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Mortgages for Teachers

There are lots of mortgage options for education professionals, many of which consider variable income streams, temporary contracts, and offer significant benefits.

Here we will look at benefits to mortgages for teachers, and how to get the best lending deals on the UK mortgage market.

For independent advice and help with finding the right lender for your mortgage requirements, contact Revolution Brokers on 0330 304 3040 or send an email to [email protected].

Which Job Roles are Eligible for Teacher Mortgages?

Within the education sector, there are multiple professions and qualifications. If you are looking for a joint mortgage, only one of you must fall into one of these categories:

  • Early years counsellors and therapists
  • NQTs (newly qualified teachers)
  • Nursery staff with at least an NVQ3
  • Qualified teachers or university lecturers
  • Supply teachers with a verifiable work history.
  • TAs with at least an NVQ3 (teaching assistants)

Teaching professionals can find mortgages whether they are on a permanent or part-time contract, work through an agency, provide supply teacher services, or are in receipt of bursaries or other educational grants.

AboutAbout your mortgage
Single or joint mortgage?
What’s your yearly income?

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Do you receive a regular bonus?

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about your mortgage

Based on your yearly income,
you may be able to borrow

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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Are There UK Mortgages for Teachers on Temporary Contracts?

If you have a history of employment and have a few months left to run on a short-term contract, you should have no issue with finding a mortgage.

The more experience you have as a teaching professional, and the longer the duration of your contract, the lower-risk your application and the easier it will be to find a mortgage.

Can I Get a Mortgage as an NQT?

Yes, if you have changed careers, reskilled as a newly qualified teacher, or have achieved a new accreditation, mortgage advisors can offer support with securing a mortgage.

Many NQTs work on annual contracts, with options to renew for up to three years until or unless a permanent post becomes available.

We work with lenders who offer NQT mortgages, although this sort of product is only available from specialist providers, and is unlikely to be something you can find through a high street bank or mainstream lender.

Are There Mortgages for Supply Teachers in the UK?

One of the biggest challenges with finding a mortgage as a supply teacher is that your income isn't guaranteed, and your hours might change considerably.

In this scenario, contact the Revolution Brokers team for independent advice about lenders who can accept:

  • More flexible criteria with working history - usually needing at least a few months of income records to calculate an average.
  • Up to one year of employment history.
  • Case-by-case applications, dependent on your circumstances.

For joint mortgages, if one applicant is in permanent employment and the other is a supply teacher, you have a better chance of negotiating competitive rates.

Can I Get a Mortgage as a Retired Teacher?

If you are a retired education professional in receipt of a teacher's pension, you will have a stronger application than a retiree from a different field of work.

In most cases, your full pension entitlement can be used in the affordability calculations, whether you are retired, or nearing retirement age.

Do you Offer Special Mortgage Rates for Education Professionals?

Sometimes, a lender will offer discounted rates and special deals for key workers, which includes teachers.

The best bet is to use a whole-of-market broker like the Revolution Brokers team who can search the entire UK lending market to recommend the best deals available.

What Deposit Do I Need for a Teacher Mortgage?

As with other key worker roles, lenders can offer greater flexibility with deposit requirements.

Also, you might be eligible for government support schemes, including interest-free loans, to increase your deposit size.

Give the Revolution Brokers team a call for more information about assistance with mortgage finance.

Are There Mortgages Available for Teaching Professionals with Adverse Credit?

Lots of people struggle with credit issues, and you might find that a bank will reject an application if you have even minor problems on your credit profile.

However, bad credit lenders can offer mortgages in any number of scenarios:

  • Mortgages for teachers who have a bankruptcy discharged at least one year ago.
  • Teacher mortgages for applicants with a 15% deposit with CCJs or defaults on their credit history.
  • Education professionals with a history of late payments or mortgage arrears.
  • Lending for applicants who have a 15% deposit and a Debt Management Plan on their credit file.

Expert Advice with UK Teacher Mortgages

For more information about the ideal mortgage products for teaching professionals, or how to negotiate competitive lending terms as a key worker, contact Revolution Brokers.

We are available on 0330 304 3040, or via email at [email protected], and offer independent, straightforward advice to get you the mortgage lending you need at the best possible rates.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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