In This Article
What is a Supply Teacher Mortgage?
Although lenders do not have a certain product branded for supply teachers, some lenders can accommodate this type of applicant.
Arranging a mortgage for a supply teacher can be difficult depending on the nature of the contracts, the hours that are done, and who the employer is.
For example, it may be that a supply teacher covers a group of schools within a certain Council. This could mean that their payslips are all from this employer rather than multiple positions.
This may make it easier with some lenders, only having one employer rather than multiple ones for each school.
Lenders will need to understand the hours that you do and the nature of the contracts that are in place.
f your income as a supply teacher is sporadic, it could be that this will make it more difficult to obtain a mortgage. If, however, it is more regular and you are getting plenty of work, some lenders can help you.
Lenders would usually assess income over some time, for example, 6 or 12 months, to get a full understanding of what you earn in a year.
Lenders may ask for 12 months of payslips to verify this along with p60s.
The adviser would be able to confirm what is needed.
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Will all lenders lend to supply teachers?
Not all lenders will lend to supply teachers, due to the more uncertain nature of the role.
Some lenders will require you to have a permanent contract at one school to ensure that you have full-time work to pay the mortgage.
There are however some that will consider supply teachers once they get a full understanding of the hours worked and schools that are covered.
As supply teacher mortgages are not available with all lenders, this is why it is important to find a knowledgeable mortgage broker that can help you to place your mortgage.
Please complete the contact form if you would like I NEED ADVICE to match you with an experienced mortgage adviser.
How do lenders assess income from supply teachers?
When a lender is calculating the income for a supply teacher, this would be different to a teacher with a permanent position at one school. The reason is that teachers who only teach at one location often have a non-fluctuating salary that is the same every month. This makes it easier to calculate the income.
Supply teachers are not always able to find employment and when they are employed, are often paid on an hourly basis.
It can be hard to calculate what future income will be when an applicant does not know if they will be working.
Lenders will usually ask for a certain number of payslips, which will depend upon their own criteria. Taking these payslips, they will work out an average over the number of months that they require. This is the amount that they will usually use to determine your income.
To find out what a lender will use for your income, speak with a professional mortgage adviser.
Can Supply Teachers that are first time buyers get mortgages?
It is possible to get a mortgage as a supply teacher if you are a first-time buyer.
The rules will be very similar to the above where a lender will need to see your income over a certain amount of time to calculate what they believe you are earning.
Also, lenders will need to know more about your deposit and your credit history to determine whether they can give you a mortgage.
A mortgage adviser will be able to look at the full situation to match you with a lender accordingly.
Can you get a bad credit Supply Teacher mortgage?
Getting mortgages as a supply teacher is possible even if you have bad credit. Not every lender offers mortgages for people with adverse credit, so speaking with a mortgage adviser is always worthwhile.
Your mortgage adviser will need to get a full understanding of your credit background, along with your individual scenario.
Bad credit can come in many forms such as repossessions, bankruptcies, individual voluntary arrangements, arrears, defaults and county court judgements.
Your mortgage adviser will be able to understand your bad credit when they look through your credit file.
If you would like to know more about your credit history, you can go to Check My File to sign up for a free trial.
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Can you get a buy to let Supply Teacher mortgage?
Although there is not a supply teacher buy to let mortgage as such, it is certainly possible for supply teachers to get buy to let mortgages.
Some buy to let lenders do we have a minimum income criteria so this would need to be met to get the mortgage. A common minimum income requirement is £25,000.
This however is not the case for all buy to let lenders as some offers buy to let mortgages with no minimum income. The lender would need to understand your full situation and be comfortable that you are in a stable financial position.
A mortgage adviser would be able to tell you which lenders would consider you for a buy to let mortgage, given your circumstances.
Do you need a certain type of mortgage broker to get a Supply Teacher mortgage?
You do not necessarily need a certain type of mortgage adviser to find you a mortgage as a supply teacher. However, due to a supply teacher’s more complex hour structure, it is worthwhile to find a mortgage adviser with the relevant experience for your situation.
It may be that you will know other supply teachers that have recently obtained mortgages who will be able to recommend an adviser that they used.
Not every mortgage advisor will have experience in arranging mortgages for supply teachers, so make sure you ask your mortgage adviser what their background is and whether they have been able to help somebody in a similar situation.
Most mortgage advisers will be able to give you your options before charging you a fee.
Conclusion
It is certainly possible to get mortgages as a supply teacher, but lenders will need to understand the nature of your contract and the hours that you work.
This makes it a bit more difficult to get a mortgage as a supply teacher than it would for a teacher in a permanent full time position.
It is always wise to speak with a professional mortgage adviser if you are looking for a mortgage as a supply teacher. They will be able to assess your income in full along with your entire situation and find you a lender accordingly.
If you would like I NEED ADVICE to match you with a qualified mortgage adviser who can give you the bespoke advice that you need, please complete the contact form.
They are experienced, which can boost your chances of being approved.
