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Supply Teacher mortgages - do they exist?
sorrento12
Posts: 2 Newbie
Hi
I am due to buy a property worth £150,000. I need a mortgage for £50,000. I have £130,000 cash but want to keep the £30,000 for renovation costs etc. I also own a flat worth £95,000 outright and have rental of £440 per month from that together with £450 in pensions per month. I am a supply teacher and earn approx £800 per month. I am looking for a mortgage without early redemption fees as I may move withing 1-2 years. I have an account with Lloydstsb and they have agreed to £50000 but their set up fees are £1500 plus a valuation fee. I also have an account with the Co-op Bank but they have said despite my good standing with them because I don't have a contract with a school they cannot give me the mortgage. It is a shame because their deal was very good with no set up fees or early redemption fees. I even tried the Teacher's Building Society but they said no straight away as I am a supply teacher.
Can anyone suggest a good deal with a company who will loan to supply teachers? I don't think I am a high risk because of the deposit I am putting down.
Please help.
I am due to buy a property worth £150,000. I need a mortgage for £50,000. I have £130,000 cash but want to keep the £30,000 for renovation costs etc. I also own a flat worth £95,000 outright and have rental of £440 per month from that together with £450 in pensions per month. I am a supply teacher and earn approx £800 per month. I am looking for a mortgage without early redemption fees as I may move withing 1-2 years. I have an account with Lloydstsb and they have agreed to £50000 but their set up fees are £1500 plus a valuation fee. I also have an account with the Co-op Bank but they have said despite my good standing with them because I don't have a contract with a school they cannot give me the mortgage. It is a shame because their deal was very good with no set up fees or early redemption fees. I even tried the Teacher's Building Society but they said no straight away as I am a supply teacher.
Can anyone suggest a good deal with a company who will loan to supply teachers? I don't think I am a high risk because of the deposit I am putting down.
Please help.
0
Comments
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Hi
Out of interest did you get your mortgage as a supply teacher - I'm having trouble as they are classed as temporary workers - any tips for me please?
Liz0 -
Rather than keeping £30K for renovations could you not get a personal loan for the £20K. This would mean that you were mortgage free and once you have the house and loan in place you could look into other ways to fund the renovations.If you always do what you have always done, you will always get what you always got!0
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Rather than keeping £30K for renovations could you not get a personal loan for the £20K. This would mean that you were mortgage free and once you have the house and loan in place you could look into other ways to fund the renovations.
Sorry, but this is an old original post so guess they would have sorted by now..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
I never checked the OP date, just skimming through the new posts This discussion has been closed.
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