Temporary teacher trying to get a mortgage

path29

Hi

Went back to uni to retrain as a teacher a few years back. Now qualified and finished my probation year. Great experience but there are no permanent posts available. Every newly qualified teacher I know is on the same boat. I've been told it's a rite of passage that I'll be doing supply work for the first while until securing permanency.

My wife and I have recently bought a new house as we're upsizing. The missives are signed and we have a sizeable deposit (>50%) but we need to borrow £120k.

As I do not have a permanent job my official salary is £0, however I've been told doing supply teaching will bring in £20k minimum. My wife is also a teacher and her salary is £32k.

Our current lender is the Yorkshire but they're saying that we can only borrow up to £90,000ish as I have an official salary of £0 and they no longer calculate borrowing on income multiples.

Really just looking for advice here on what our options are? All help appreciated.

beecher2

I can't believe you've signed the missives without a mortgage in place. You have no guarantee of supply work - as you've said every newly qualified teacher is going to be on supply, and without wanting to panic you, supply budgets aren't as generous as they were.

You need to get to a broker quickly and find someone who will lend to your wife on her salary.

edit: are you in the EIS? If so they offer independent financial advice for their members - have a look here https://www.eisfs.co.uk