Mortgage advise for teacher

Godno145

I am a teacher and partner works part time. Looking at buying our first home, we have a 5% deposit on £200000 house. Trying to do research on best mortgages, seen special teacher mortgages, but need to register interest first! The main thing i want to know is, am I best looking at teacher mortgages? what additional things do i get going this way? or am I best going straight to a broker? Any other advice or information is also welcome. Thanks

[Deleted User]

Regardless of profession, always consult a broker as they're the experts in their field like you are in yours.

[Deleted User]

Specialist teacher mortgages tend to be for clients who just cant fit on the mainstream lenders. This is usually when we need to take a payrise far far in advance of it coming into effect,  or supply teachers (they need a lot less history than mainstream lenders), or first year nqt contracts.  They also lender higher income multiples than a lot of lenders

If you dont need them for these bespoke reasons and you have an income that a normal lender will accept then you are likely to get a better deal on the highstreet

Always a good idea to have a broker look over the case and advise on the best option.  

Chooru

I'm a teacher and discovered quite quickly that these companies who target teachers don't actually offer anything special - indeed, they are all at a higher % than most high street banks. Cheaper mortgages for teachers seem to be a thing of the past.

Go to a broker.