Can a Supply Teacher Get a Mortgage? 

Are you wondering if you can get a mortgage as s supply teacher? The short answer is yes! While securing a mortgage as a supply teacher may seem challenging due to the nature of your employment, there are ways to increase your chances of approval. In this guide, we'll walk you through everything you need to know, from specialist lenders to key schemes and helpful tips for boosting your mortgage application success.

So, can a Supply Teacher Get a Mortgage?

Yes, supply teachers can get mortgages, but there are some important factors to consider. Lenders typically focus on:

• How long you’ve been a supply teacher: Most lenders prefer at least 6-12 months of consistent supply teaching work, although some may accept less if you have a long history of full-time teaching.
• How long you’ve been a teacher overall: If you have prior experience as a full-time teacher, it may strengthen your application, even if you've recently switched to supply teaching.

If you’re new to supply teaching and don’t yet meet these requirements, don’t worry. You still have options by approaching specialist lenders.

Specialist Lenders for Supply Teachers

Many high street banks may be hesitant about offering mortgages to supply teachers due to the inconsistent income. However, there are specialist lenders who understand the education sector and can provide mortgage products specifically for teachers, including supply teachers. 

For example, Teachers Building Society specialises in teacher mortgages. But keep in mind that while they cater to educators, they may not always offer the best rates or terms. That’s where a specialist mortgage broker can help. They’ll assess your unique situation and match you with the right lender.

How to Boost Your Chances of Getting a Mortgage as a Supply Teacher

To enhance your chances of securing a mortgage, consider the following steps:

1. Work History: Aim to show at least two terms of consistent employment as a supply teacher. Even if your work history is patchy, having previous experience as a full-time teacher can work in your favour.
2. Proof of Income: Lenders will require proof of your earnings. Six months’ worth of payslips and bank statements are typically requested to demonstrate your income. Make sure to have these ready.
3. Deposit Size: While you may be able to secure a mortgage with as little as 5% deposit, saving a larger deposit can significantly improve your mortgage options and interest rates.
4. Use a Specialist Mortgage Broker: A broker with experience in supply teacher mortgages will know which lenders are most likely to accept your application and secure the best rates.

Common Questions Supply Teachers Have About Mortgages

Do I need a permanent teaching job to get a mortgage? No. While having a permanent role may open up a wider range of mortgage products, you can still get a mortgage as a supply teacher with consistent income over several months.

Can I get a mortgage with bad credit? Yes. Some lenders specialise in bad credit mortgages, although the terms may not be as favourable. Consulting a specialist mortgage broker can help you navigate the process.

What if I’m on a zero-hours contract? Lenders may view supply teachers as being on a zero-hours contract. You’ll need to prove a steady income, usually through six months of payslips, to be considered for a mortgage.

How much deposit do I need? A minimum of 5% is typically required, but offering a larger deposit may give you access to better rates and products.

Key Mortgage Schemes for Supply Teachers

While there aren’t specific schemes tailored just for teachers, supply teachers can still benefit from the following UK government-backed schemes:

• Help to Buy: First-time buyers can use this scheme to secure a mortgage with just a 5% deposit on newly built homes.
• Shared Ownership: This allows you to buy a share of a property and pay rent on the remaining portion, lowering your initial financial commitment.
• Joint Borrower Sole Proprietor (JBSP) Mortgage: This scheme can be useful for supply teachers, as it allows a family member to support your mortgage application by combining their income with yours. However, they won’t have any ownership of the property.

Conclusion

Yes, supply teachers can absolutely get a mortgage. While your employment type may make the process more complex than it would be for someone with a full-time job, with the right preparation and specialist support, you can secure a great mortgage deal.

For the best results, consult a specialist mortgage broker familiar with the education sector. They will be able to guide you toward lenders and products tailored to your unique situation.