Mortgage for a teacher and a police officer

Speccy

Hello.

I'm a teacher and my girlfriend is a police officer. Would we be eligible for any help in getting a mortgage? We are first-time buyers and don't have a deposit saved. I was reading in the paper about some deal for key workers but it was so complicated I had to lie down afterwards!

Any advice would be greatly appreciated.

Speccy

AndrewSmith

Hi,

Post some details such as Income, length of service, deposit size, any existing loans & credit cards etc, and an idea of how much you are looking for.

Andrew

Speccy

I'm an NQT and have been teaching since September, my income is £22000. My girlfriend's started in January and her income is about the same.

We don't have any deposit and I have a loan of about £4500 to pay off over 5 years.

Speccy

Oh, and we'd probably need something between £150,000 and £200,000.

Dick_here

If you're serious about a property, you need to have a deposit at present. Start saving one up.

Speccy

How much do you need as a deposit?

beecher

Speccy wrote: »

Oh, and we'd probably need something between £150,000 and £200,000.

that's a pretty large salary multiple. You'd be paying between £1000 and £13000 just to cover the mortgage - basically one of your salaries! And that's before all the maintenance costs etc.

The chances of you getting a mortgage are limited, and I think it'd be pretty unwise. Both your wages will go up in the next couple of years, so why not try to save as much as possible and get a deposit together. Hopefully prices will have come down by then and you'll be in a stronger position.

beecher

Speccy wrote: »

How much do you need as a deposit?

At least 5%, but 10% for better deals.

Speccy

Blimey. It'll probably take me about 10 years to save that!

preston99

A friend of mine who's husband is in the police got a part ownership deal. Obviously they don't own the entire house after 25 years but it does allow them to live in a nice area. Your GF should investigate.

beecher

I think there might still be professional mortgages for teachers - there's an article in this week's TES magazine under the 'wealthy teacher' section. They mention a Scottish Widows mortgage of 100% at 6.69% but it costs £2,000. The figures I gave you were for 6% so you'd be paying more than half your combined salaries at that rate - I'd think carefully if you can do so.