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Mortgage as a day to day supply teacher

Discussion in 'Supply teaching' started by giddyG2001, Jun 5, 2014.

  1. giddyG2001

    giddyG2001 New commenter

    Hi everyone,

    Looking for advice on getting a mortgage as a day to day supply teacher. Doing this since April and love it, am working 4-5 days a week and getting about £440 before tax minimum.

    My question is, if I go to a bank and am able to show say, 6 months worth of bank statements with these earnings, what are the chances of getting a mortgage? I really love supply but have been offered a job teaching adults which will get me the same amount of money with a contract, which will obviously stand me in a good position to get a mortgage. But I'd much rather stay in supply if getting a mortgage on proof of my earnings is possible.

    Any thoughts much appreciated
     
  2. pepper5

    pepper5 Star commenter

    Hi Giddy

    I think recently the legislation relating to the way banks and building societies loan money for mortgages has changed and the eligibility criteria is now a lot stricter since banks now have to be seen to be more responsible as regards to lending people money to buy property.

    Supply work I think you will find will be seen to be classified as temporary work so as you say you will be in a better position with a contracted post; however, the bigger deposit you have, the better position you will be in.

    If I were you, I would do a bit of research before you decide. With all the information on the internet, it should be quite easy. You could try the money saving expert web site previously owned by Martin Lewis which is quite good and filled with many articles about saving money and financial matters such as buying property.

    Pepper5
     
  3. cmf

    cmf

    Supply is seen as zero hours work, banks will see it as you have no regular income, so if there is no work how are you going to pay.

    Look at it like this, "Hi I would like to borrow some money, my job? well, I wake up in the morning and wait for the phone to ring" (Bank manager) " what happens if it does not ring" " well I do the washing, watch a bit of telly........" You see the problem!

    And I don't think now is the time to start looking for a house with process going up.
     
  4. crusell

    crusell New commenter

    My financial advisor had some luck with the Halifax. They were the only lender who were ok with supply teachers. The only problem is borrowing past the age of 65.
     
  5. nearmiss

    nearmiss Lead commenter

    There is a Teachers' Building Society. Why not google them?
     
  6. Happyregardless

    Happyregardless New commenter

    Don't let people who envy the 'freelance' nature of supply put you off with the nay-saying you have to have it set in stone contract marlarky. SOME banks might specify certain contracts but most are satisfied that you have qualified teacher status, are working sufficient hours to pay your mortgage and can specify an average weekly or monthly wage as you have done. Although I was 'lucky' (if you can call it lucky receiving money when someone close has passed away :( ) to have some money from small inheritance at the time to pay my deposit, but even so had to go through applying for mortgage and all the form filling with that. BUT while I applied for 'Key Workers' scheme and was employed by local school at the time. My contract was by no means long term or permanent etc as school closed due to lack of pupils numbers and merged with a larger primary nearby. We then inherited a horrible ( imho) head who 'encouraged' me to continue with my idea of moving further North in order to afford a bigger property and so I was on supply at the time I moved from my flat to my home ( same mortgage - waaaay more space!) and I did continue go through 'Teachers Building Society' as someone else has recommended. I think I put 'teacher' and 'supply' but also 'full time' or something similar. I've kept with Teachers Building Society, even though I could have swapped and got various rates, because overall they were the best rate and just really because they are straightforward and reliable. ( no I don't work for them lol!) When I moved up here (Midlands) from a post-it note sized flat in Hertfordshire it was November 2006 and here I am in 2014, 8 years later, still loving my home, glad of the move and with the same Building Society. The lesson is a good teacher, is a good teacher, is a good teacher, regardless of what 'others' around you might be saying or waffling about contracts. MOST contracts in teaching nowadays are fixed term or flexible due to funding etc etc. anyway. If you want something - listen to all the naysayers, but then do what you want anyway - noone can stop you - really - good luck x
     
  7. oHelzo

    oHelzo Occasional commenter

    Although it's marginally different, as a self employed person you'd be showing up to three years of accounts to show you have enough work to pay for the property. So it may be possible, but you may be looking at more than six months.
     
    Lara mfl 05 likes this.
  8. elvispenhaligon

    elvispenhaligon New commenter

    I'm sorry to be harsh. Do take the gist of what I say though.

    You would be idiotic to take on a mortgage and a lender would be idiotic to lend to you. Your work at the moment is sheer luck. It could quite feasibly go to zero with a simple change in school/LA policy. Looking at the new rules, you wouldn't even get off the ground with a 50% deposit.

    I know because I looked at putting £40k down and borrowing £50. I could afford £600 rent, but not £300 mortgage. The FSA or whatever the acronym is pointed their finger at self cert mortgages and effectively killed anyone who is self employed. You have to provide 3 years of decent books! Quite clearly, they have no experience of running a business and how you can live like a leper and on paper earn nothing.....growing anything doesn't come into it.

    In your situation, I would live like a leper in a wrectched smack den flat, or your parents and invest sensibly what you don't pay on rent and on your days off, work your money. This is what I'm doing and myself and my OH are looking to buy outright.

    You need a job to get a mortgage and preferably one where all your PAYE is sorted for you. They haven't got any time for special cases, or exceptions to the rule. They will not allow you to take on debt and when you can't pay, sell your house, chuck you out of it and take whatever money they like from your deposit....perhaps all of it.

    Your Uman Rahts get in the way of that.....you could stay in the house, your rights would mean that they could pretty much have to spend a fortune trying to evict you....

    Sadly, a person at ASDA is more mortgageable than you are.
     
  9. elvispenhaligon

    elvispenhaligon New commenter

    Essentially, you have a choice, since you will not get a mortgage.

    1. Get a proper job, even if it is at ASDA.

    2. Rent forever, or until you inherit somewhere.

    3. Organise your own finances and raise your own money.
     
  10. crusell

    crusell New commenter

    Rang the teachers building society today they wont touch anyone on supply or temporary contract.Need to be on a permanent contract.
     
  11. giddyG2001

    giddyG2001 New commenter

    Just to feedback, I have decided to take the University contract and went to see the Halifax advisor today and for their acceptance of supply teachers for mortgages, they just need to see 12months worth of payslips. Don't have to show contract and it doesn't matter if it is day to day work, you just need 12months payslips.

    Hope this is useful for someone in the future.
     
    naomi26 likes this.
  12. elvispenhaligon

    elvispenhaligon New commenter

    Crikey, that is pretty reckless of them.
     
  13. BertieBassett2

    BertieBassett2 New commenter

    I have just had a mortgage offer from the Halifax - I only needed to show a month's worth of payslips. You need to choose your broker carefully. Don't even think about Mortgage Matters or Santander!
     
    thekillers likes this.
  14. elvispenhaligon

    elvispenhaligon New commenter

    MONTH OF PAYSLIPS!!!! Surely, that's almost as mental as Self Cert.

    If your LEA does a Cornwall on you, there will be NO WORK. The chances of that happening are higher than lower. I'd read the small print very carefully. Can you describe a bit more about your product? My OH and I are self employed and don't have that much of a history....We can easily pay rent and have a serious deposit...but no-one in their right mind would look at us.

    A months worth of pay slips! That really is something.
     
  15. BertieBassett2

    BertieBassett2 New commenter

    I also have my pension as income and the mortgage I need is small. (My pension income alone would comfortably pay it.)
     
  16. elvispenhaligon

    elvispenhaligon New commenter

    Well, there you go then. You are not exactly a supply teacher from your earnings point of view.
     
  17. LexB

    LexB New commenter

    I got a mortgage in 2014 whilst on Supply (on my own). My agency offered a 'guaranteed payment scheme' where I was guaranteed 4 days work a week, whether they had it on the books or not, but I had to make sure I was always available. My mortgage company accepted a letter from them saying I was guaranteed a certain wage a week. (Natwest)
     
    thekillers likes this.
  18. ultimatedingbat

    ultimatedingbat Occasional commenter

    I was advised that if I could proove work over the past 2 years they would consider me for a mortgage.
     
  19. musikteech

    musikteech Occasional commenter

    Did you get a mortgage Giddy in the end? Your post was in 2014 so just wondering how you got on.
     
  20. jubilee

    jubilee Star commenter

    Take the contracted job. Get a mortgage and later return to supply teaching but bear in mind that supply placements are erratic. I went from getting 162 days of work per year to just one day per month. That decline happened over a period of 3 years.
     
    Lara mfl 05 likes this.

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