Mortgages for teachers?

doh444

Hi all,

Hopefully someone can help me... basically I am a trainee teacher but my partner and I are ready to buy a house now. We've found a perfect house, but it needs me on the mortgage as well. We rang nationwide yesterday, who said they would give me a mortgage now based on me having a job lined up for September, however they have now back-tracked today and can't give me a definitive answer until they speak to an underwriter tomorrow.

I'm hoping to speak to a bank with a speciality in dealing with teachers to see what they say, and have had people mention to me about a 'teaching bank'. However, whenever I try to find this mysterious bank I can't!

If anyone could help I would be very appreciative!

borkid

Could they mean The Teachers Building Society? It shows up on a google search but I don't think it is specifically for teachers.

adzy77

Apologies for any ignorance but what makes being a teacher any different than any other job?

NewbuyerNE

Hiya

I posted something similar the week before last I believe as my partner is a lecturer who gets paid hourly as he is not yet on a contract and gets work confirmed at the beginning of each academic year.

The issue with the payslip is that he doesn't get paid hourly per se rather he claims for hours he has worked which can cause confusion when applying for a mortgage. I had looked into the possibility of using the Teacher's Building Society but Halifax have confirmed if he can get an employer's reference stating how much he gets paid per hour, how many hours a week he does and the fact he will be there next year - it will be fine (proof is in the pudding, will find out this week!).

Our broker explained to the underwriter before application that teachers' pay isn't always as straight forward as those who get a BACs each month. I would suggest using a broker if you haven't already to 'fight your corner', as it were.

adzy77

The reason I asked is that I don't see the difference but maybe my case is different. We applied for a mortgage last week with nationwide and my partner is a teacher, we just provided a payslip each and got the offer 5 days later

Let_Us_See

The Teachers B S exists.

To qualify for a mortgage, one applicant must be employed in the education sector or any occupation in Dorset, Hampshire or Wiltshire:

A. Education Sector

• A teacher
• A lecturer
• A teaching assistant
• A newly qualified teacher (NQT)
• A nursery nurse with an NVQ level 3 in children's care, learning and development.
• A children’s therapist employed by a Local Education Authority with a relevant degree; i.e. physiotherapy would need a degree in physiotherapy.

Other Considerations:

• Where the applicant is part of a couple who will be living together in the property, both individuals must be party to the mortgage.
• Where applicants have recently returned to the UK we require a minimum of 6 months' employment/credit history in the UK prior to application.
• For NQT's, most types of contract for the first year of teaching will be considered, i.e.1 year fixed term. (Depending on the type of contract / time of year, we may require evidence of employment for the next academic year).
• One applicant to the mortgage must be permanently employed, self employed, or a Newly Qualified Teacher.