Idea about loanable amount...? Teacher and a partner

jimmyboy420

Hi folks, I'm asking for my brother and his girlfriend.

He has an admin job on about £19k per year, she is a teacher who is just finishing her second year at a junior school, straight out of uni.

They're looking to buy a place and have arranged a few appointments with banks. Because she can't take time off from her job apart from school holidays, they can only have Saturday appointments, which are well booked in advance, so they don't have any for another month.

As I'm the more financially astute member of the family, I've said I'd look in to a few options online for them.

Any ideas what she'd be earning, and if teachers get any sort of special allowance for buying a place?

And does anyone know who would be likely to offer a good mortgage for them, I think they're hoping to borrow £160k to £180k.

Cheers,

James

Oldernotwiser

There is a teachers' building society,although I've never used them.

http://www.teachersbs.co.uk/

beecher2

How much deposit do they have saved? They also need money for fees etc.

iamana1ias

A newly qualified teacher outside of London would be on between £22.5k and 24k.

Isn't google brilliant? http://www.teachers.org.uk/node/8643

Why would teachers get allowances for buying houses? Have they not thought about evening viewings?

CLAPTON

the two main factors are their earnings (so why not ask her what she earns)
and the size of the deposit...

jimmyboy420

iamana1ias wrote: »

A newly qualified teacher outside of London would be on between £22.5k and 24k.

Isn't google brilliant? http://www.teachers.org.uk/node/8643

Why would teachers get allowances for buying houses? Have they not thought about evening viewings?

Thanks,

Yes, I don't know why I didn't google it, having a blonde moment obviously.:)

jimmyboy420

CLAPTON wrote: »

the two main factors are their earnings (so why not ask her what she earns)
and the size of the deposit...

Cos she's not here (at school!).

I intend to, but I'm not at work today, and thought I'd try and use the time productively.

beecher2

jimmyboy420 wrote: »

Cos she's not here (at school!).

I intend to, but I'm not at work today, and thought I'd try and use the time productively.

The deposit's the main issue - I'm assuming you know how much they have saved?

jimmyboy420

Their savings will be approaching £20k so enough for a 10% deposit + fees (if they need more on top of that for fees/stamp duty I'm sure they'll get it together).

VIGILANT22

[QUOTE=jimmyboy420 and have arranged a few appointments with banks. Because she can't take time off from her job apart from school holidays, they can only have Saturday appointments, which are well booked in advance, so they don't have any for another month.

As I'm the more financially astute member of the family, I've said I'd look in to a few options online for them. Cheers, James[/QUOTE]


Instead of trailing round banks on a Saturday morning only being offered the products a particular Bank can provide (ie halifax could not recommend Alliance & Leicester) you would be better placed suggesting they see a Whole of Market adviser, who normally visits them in their own home at a time to suit them. Also be aware many people visiting banks do not see mortgage advisers, they meet with customer service advisers. These advisers cannot offer advice they operate on an information only basis, therefore not much help to FTB's.

Key workers

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001345

Peter_L

iamana1ias wrote: »

A newly qualified teacher outside of London would be on between £22.5k and 24k.

Isn't google brilliant? http://www.teachers.org.uk/node/8643

Why would teachers get allowances for buying houses? Have they not thought about evening viewings?

Because Teachers are considered 'key workers' and benefit from a special scheme, see http://www.mortgages.co.uk/key-worker-living/key-worker-living.html for more details