“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”
Mike Haupt – Mortgage Adviser
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Mike Haupt talks us through the mortgage process for teachers.
Are there specific mortgages tailored to teachers?
The short answer is no – and as we’ve discussed on other podcasts before, there aren’t any specific mortgages targeted at a certain profession. But there are lenders out there with product ranges including ‘professional mortgages’.
So although there’s no specific teacher mortgages, there are some different options that you might benefit from that other people might not.
Is it easier to get a mortgage as a teacher?
If you’re an established teacher on a permanent contract then some lenders will view you as a very good customer and make the process a little bit easier.
If you are a supply teacher or a newly qualified teacher it can be a slightly different setup. Potentially you’re on a short-term contract or your income is fluctuating, which can make things a little bit trickier.
So in some ways it is easier, in other ways it can be a little harder. But we at Tomorrow Mortgages can help you out with that. We’ve got options on all fronts to discuss with you.
How does it work for teachers who are First Time Buyers, that need to remortgage or looking at Buy to Let mortgages?
With First Time Buyers there’s no specific differences. Depending on your income, you may be able to look at slightly different product ranges. If you’re looking to potentially buy a new build home, you might be able to qualify for a key worker discount – and that will apply to supply teachers and newly qualified teachers as well. Again, we’ve got the right knowledge and many different lenders to find a good option for you.
If you’re looking to remortgage, again it’s a similar sort of process. There will be good options for you based on your income so we would just talk you through the different options.
When it comes to Buy to Let, again, there is very little difference here from any other client, but Buy to Let criteria is very different to residential criteria. Again, we’d look at the details based upon your circumstances.
So the short answer is there’s no major differences for teachers, but there’s always going to be different options for you that we can tailor to your individual circumstances.
How much can teachers borrow for a mortgage?
It always depends on your individual circumstances. Lenders will look at your income and what you’re paying out each month. You might have a student loan, or the property you’re buying might have ground rent or a service charge with it. You may be on a short-term contract as a newly qualified teacher.
All of those circumstances will lead to a very different answer in terms of borrowing. So let’s have a chat about your options. Let me get a good understanding of your individual circumstances and then I can absolutely answer that question for you.
Does It Cost For An Initial Chat?
Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.
What help is available for teachers in terms of property schemes or discounts?
If you’re looking at a new build property you might potentially qualify for a key worker discount on the purchase price. That’s individual to each developer and what’s on offer at that moment in time.
There are also some lenders that might have a slightly different product range for teachers and other key workers. We can look into what’s available in the area you’re buying in.
What mortgage protection products are available for teachers?
This is one of those topics that I’m really passionate about – how people protect themselves. Your mortgage is the biggest commitment you’re ever likely to take out. You have saved up and worked hard to get that deposit together or pay that mortgage down.
One of the things we always do at Tomorrow Mortgages is have a conversation with you about your options moving forwards. We make sure that no matter what the circumstances are, you can still afford to stay in your home.
We’d discuss life insurance, income protection, critical illness and family income benefit. It’s about having that conversation with you so you know your options.
What else do we need to know about teacher mortgages?
It’s always worth having a conversation with us here at Tomorrow Mortgage. There are a few nuances with teacher mortgages, depending on your income structure and what you’re looking to do.
By having a conversation with us you can really understand what your options are, what paperwork you need and what position you need to be in – to buy that first property, move home or to remortgage.
So tap into our knowledge and experience – we can really help you out and find the right mortgage.
Your home may be repossessed if you do not keep up with your mortgage repayments.