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Mortgage Broker Watford Teacher Mortgages – exploring the options
Teachers are usually in a good position to get a mortgage, thanks to a decent income and exceptional job security. If you’re a Newly Qualified Teacher or a Supply Teacher it can be a little more challenging. Whatever your situation, a Mortgage Broker like IMS could help you compare your mortgage options and save you money.
How can I find Teacher Mortgages?
There are no mortgages specifically for teachers, but many lenders will encourage applications from education professionals. In the past the government created a special mortgage scheme for key workers including teachers and NHS staff, but this is no longer around.
If you’re interested in buying a home, the first stage is exploring how much you could borrow, the types of mortgage you’re interested in and your estimated monthly repayments.
Using a mortgage calculator can help you with this – or talk to IMS and we will get you started.
What types of Teacher Mortgages are there?
The main types of mortgage include:
First Time Buyer Mortgages
While there’s no specific mortgage for First Time Buyers, there are a few common preferences among new property owners. One is that they often prefer fixed rate mortgage products, because this protects against interest rates rising and increasing your monthly payments.
A second factor is the size of your deposit. Generally, if you can put down a larger deposit, your repayments will be lower. In today’s property market, however, it’s notoriously challenging to raise a significant deposit.
Remortgaging is where you move from one mortgage product to another. A common time to remortgage is near the end of a fixed rate deal, as otherwise your payments can increase substantially. Remortgaging can often save you money at any time, though, especially if interest rates have fallen or your property has gone up in value.
Buy to Let
A Buy to Let mortgage is essential If you’re planning to let a property out, whether you already own it or are in the process of buying. You will need around a 25% deposit, and rates are often more expensive.
What are the main considerations in getting Teacher Mortgages?
Your income is the basis of how lenders calculate how much you can borrow, so you need to prove your salary as part of the mortgage application. They will also look at your credit score to check you meet their criteria. Credit issues can mean higher interest rates.
Newly Qualified Teachers
NQTs often worry about whether they can buy a home, especially as during training, income is low. Fortunately, some lenders will offer NQTs a mortgage even before they start their first full-time teaching role.
Temporary contracts often mean that Supply Teachers have a variable income, which can make mortgages more complex. It’s not that it’s more difficult to find a mortgage deal, it’s more about having the right documents to prove your income – self-assessment forms are a common requirement.
Mortgage Protection Products
Once you own your own home, it’s important to prepare for the unexpected. Most homeowners have some form of mortgage protection products, which are there to pay your mortgage costs should you die, or be unable to work due to illness or injury.
IMS can help you decide whether life insurance, critical illness cover and income protection will be valuable to you once you’ve secured a mortgage.
How can a Mortgage Broker help teachers?
Mortgage Brokers like IMS are here to take the stress out of finding a mortgage.
Our expert mortgage advisors will explore your specific situation and property goals to find the most affordable ways to achieve your property plans.
We’ll compare products across high street names to specialist mortgage lenders, looking at fees, rates and criteria so that you can make an informed decision. We’ll even complete the mortgage application on your behalf.
IMS (Watford) Ltd is an appointed representative of mortgage company PRIMIS Mortgage Network, a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Contact us today for expert help to achieve your property goals.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE