Teachers

How much can I borrow?

The actual amount you can borrow will depend on your credit commitments, your regular monthly outgoings and how each lender assesses your income. For example, not all lenders will use your TLR income if you receive it.

It may be possible to borrow more than a calculator shows you, that’s where the expertise of our personal advisers comes in and where our independent status benefits you.

How much deposit/equity do I need?

You will need a minimum of a 5% deposit, the interest rates will improve if you can use a 10% deposit. It is important that you know all the costs involved not just the deposit required, our experienced advisers can provide you with details of all the costs with selling and buying a property or remortgaging.

If you are a first time buyer, we can show you how you can help boost your savings with government incentives which are available to Teaching staff.

I’m on a 1-year contract, can I still get a mortgage?

Yes, we know of multiple lenders that will accept a 1-year contract for Teachers even if it is your first contract. We even have exclusive products available to us from a High Street lender that will accept a 1-year contract.

Will I be accepted for a mortgage?

Getting accepted for a mortgage does depend on your circumstances. All our advisers are experienced experts with helping Teachers buy their first home, move home or remortgage. If you have historic bad credit it is common that we can find a High Street mortgage, this is one of the benefits of being independent and having extensive knowledge in securing mortgages.

Am I eligible for preferential rates or criteria as teaching staff?

Yes, some lenders are keen to help Teachers achieve their objectives and offer exclusive rates and have more flexible criteria. For example, there is a lender that will consider lending up to 5 x a single or joint income with just a 5% deposit. Nearly all of the lenders that will consider lending 5 x income typically require a minimum of a 15% deposit. You should consider what is affordable to you, when you are in touch and chat with a mortgage adviser, we will confirm the amount you can borrow, the deposit required, the costs involved and monthly payments.

How much will my monthly payments be?

Your monthly payments will vary according to your chosen mortgage term, choice of product, the level of deposit used and repayment type. Chat with a personal mortgage adviser to find out exactly what interest rate and term you can secure to give an accurate monthly payment.

Is it worth me remortgaging?

In most circumstances it will be worth remortgaging once you come to the end of your initial product period, as if you do nothing you will end up moving to the lenders standard variable rate. This will mean your monthly payments will increase and you will pay more to the bank or building society then you potentially need to.

If you are thinking about remortgaging for a different reason, such as raising money for home improvements, or are on the standard variable rate then please speak to one of our independent advisers to see how we can help you.