Always thought it’d be impossible to get a mortgage as a supply teacher?
Well, think again. Whilst it isn’t as straight-forward as being a regular teacher and lenders do have some specific criteria for the types of supply teacher they’re willing to lend to, there are banks and building societies in the market that will consider supply teachers for a mortgage.
Historically, lenders have been reticent in offering mortgages to supply teachers as they have viewed them as being like a ‘zero-hours’ contract. However, more lenders are recognising that teaching even on supply is a relatively ‘safe’ profession - let’s face it, the need for teachers will always be there - and are therefore offering mortgages to supply teachers albeit based on certain criteria.
As you know, if you’re a supply teacher, it can be split into different scenarios: long term supply and short term or day to day supply; and teachers work on a supply basis for a number of reasons: to work around family commitments, to reduce hours towards the end of their career, to gain experience working in a variety of schools to name but a few. Two of the most important considerations for lenders are not necessarily your reason for working on a supply basis but the length of time you have been a supply teacher and the length of time you’ve been a teacher. Ideally, for the best options for your mortgage, you will have been a supply teacher for over 6 months, or if less than 6 months, a teacher for more than two years. Now, that may seem like Early Career Teachers (ECTs) are therefore less likely to obtain a mortgage but even in that scenario, there are options. Providing your payslips is key to proving your employment so be sure to keep them tucked away safely.
We’ve been in touch with Mark Robinson from Albion Forest, who comes from a family of teachers and has made it his mission as a Mortgage Advisor to help teachers find mortgages. He has been working to rid the myth that supply teachers are too high risk for banks and building societies to lend to. He explained that actually being a supply teacher can mean access to options that a non-supply teacher wouldn’t get because there are now specialist lenders and products that target the needs of supply teachers. From his years of experience, he also knows that these specialist lenders may not always be the answer for each individual case and mainstream products may be better value depending on your set of circumstances.
There are a range of schemes available to help too such as the First Homes schemes for first-time buyers and key workers, Shared Ownership, Help to Buy and Joint Borrower Sole Proprietor (JBSP) schemes too. As with all financial products, seeking proper legal advice is key but for those who thought getting a mortgage as a supply teacher was a non-starter then it is definitely worth a chat to a mortgage advisor as you may be pleasantly surprised!
Mark Robinson is the founder and Managing Director of Albion Forest Mortgages. More details can be found at https://albionforest.co.uk or on 020 8124 9007.