Mortgages for Teachers!! HELP REQUIRED!

starkiller

Having recently parting company with my other half, I am now wanting to get on the property ladder on my todd!

Have searched TES website and used Google to find specialist offers for Teachers and other professionals.

Does anyone have any advice as to who is the best,who to avoid, etc. It's all new to me!!!

Me and the other half were looking to buy together, so I haven't taken that much notice of this government scheme to help keyworkers get on the property ladder. Anyone got an opinion?

I live in South Yorkshire, so any advice on local incentives (if there are any) would be gratefully received.

Thanks in advance
Starkiller
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ReportInvestor

Teachers Building Society will do 100% mortgages for teachers. But others will also lend 100%.

If you are an ATL member then Britannia Building Society has got special deals for you. They can be quite good for new members - and after three years you get their Britannia Members' Reward points = 22p (last year) for each 100 quid borrowed to a maximum of 220 quid per annum.

But the important thing is to get the best deal for you, and the bigger your deposit, the better they tend to get.

If you need to stretch your lending, then Nationwide BS is quite good at lending 5X salary on "affordability" criteria.

herbiesjp

There are various lenders that will offeer you good deals - it depends on your income and deposit as to which ones will offer you the better product for you.

Fairdo_2

Reporter wrote:

If you need to stretch your lending, then Nationwide BS is quite good at lending 5X salary on "affordability" criteria.

Not if you are a sole earner. They are great on affordability for joint earners, but one of the worst for sole earners now.

It sounds like you are a first time buyer, so a possible option for you is to enrol on a "Shared Equity" schem called, "The Home starter Key Workers Initiative"

This is where a social landlord (usually Housing Association) will offer to provide a substantial deposit on the proviso that when you sell or buy them out, you give them their proportion of the property value at that time.

It has its downsides, where you would have less equity on sale than if you had struggled and done it yourself in the first place, and you do have to remain a Key Worker to qualify, so you need to be in the job for the long run. However, it does get you a better bang for your buck.

The following website might be useful, as you should then be able to get to your local Social Landlords from it and it may provide useful pointers along the way.

Good luck.

http://www.housingcorp.gov.uk/

Fairdo_2

http://www.efha.org.uk/keystart/index.html

This is also a useful site, as they are one of the Key Worker scheme Agents. I am afraid these guys would not deal on a National basis, but they may be a good starting point.

starkiller

Thanks for the replies, it has given me some points to consider. How naive am I to think this mortgage malarky would be easy!!!!!

bylromarha

Also, get in touch with your LEA...they sometimes can help out with loans and things...not sure if they're just for NQTs.

Your union will offer you specialist mortgages products, but they aren't always the best deal.

Scottish widows used to (don't know if still available) do a mortgages specifically for professionals such as teachers, doctors and the like.

Prudent

Try your union for advice. I don't know what part of the uk you live in but the main Scottish teaching union has its own financial advisors. They know the answers to your questions.
I have used the EIS financial advisor before and found the service good. they will come to your school or home after school hours.