Fee Free Advice On Mortgages For Teachers

Mortgage Broker FAQs

• Are there special teacher mortgage rates?

  Yes and no. While there aren’t dedicated teacher mortgages, your profession in the public sector with a stable income may make you appear less risky to lenders, potentially earning you lower interest rates. However, rates also depend on your individual financial situation and credit history.

• Can I qualify for a mortgage as a teacher?

  If you are qualified as a teacher or supply teacher then yes. Teachers typically have stable jobs and predictable income, making them attractive borrowers to lenders.

  Requirements vary based on the lender, but generally include:
  – Being a fully qualified teacher (or similar in education)
  – Having a consistent employment history
  – Meeting minimum income requirements
  – Having a good credit score

• What are the best mortgages for teachers?

  It all depends on your needs and financial circumstances. The more common types are:
  Fixed-rate mortgages: Offer stability and predictability, ideal if you prefer steady payments.
  Variable-rate mortgages: Can offer lower initial rates, but rates can fluctuate, potentially increasing risk.
  First-time buyer mortgages: May require smaller deposits and offer additional incentives.
  Government Help To Buy Scheme
  Government First Homes Scheme
  Shared Ownership Scheme
  Right To Buy
  Joint Borrower Sole Proprietor Scheme
  

• What questions should I ask my mortgage advisor?

  Here are some questions you can ask your mortgage adviser:

  – How much can I borrow?
  – What type of mortgage is best for me?
  – What are the interest rates and fees?
  – What are the monthly repayments?
  – What happens if I can’t afford to make my repayments?
  – What are the pros and cons of different mortgage products?

• What are the different types of teacher mortgages?

  There are a number of different types of mortgages available, including:

  Fixed-rate mortgages: With a fixed-rate mortgage, your interest rate will stay the same for the entire term of the mortgage. This can provide peace of mind, as you know exactly what your monthly payments will be. However, if interest rates rise, you will not benefit from the lower rates.

  Variable-rate mortgages: With a variable-rate mortgage, your interest rate will fluctuate based on the Bank of England base rate. This means that your monthly payments may go up or down, depending on the market. However, if interest rates fall, you will benefit from the lower rates.

  Tracker mortgages: A tracker mortgage is a type of variable-rate mortgage that tracks the Bank of England base rate. This means that your interest rate will always be a certain percentage above the base rate.

  Discounted mortgages: A discounted mortgage is a type of variable-rate mortgage that is offered at a discount to the lender’s standard variable rate (SVR). This means that your interest rate will be lower than the SVR, but it may still fluctuate.

  First time buyer scheme:  Help to Buy: Equity Loan | Shared ownership | The Mortgage Guarantee Scheme

• How much does a mortgage advisor charge?

  We provide fee free mortgage advice for teachers and its always without obligation, meaning no risk mortgage advice to you.

  Not only fee free mortgage advice. From mortgage application to completion, we’ll work around your busy schedule to make it as stress free as possible. This includes out of school hours and weekends.