Lending is permitted to applicants both within and outside the educational community in England and Wales.
Minimum PAYE / Self employed income of £13,000 is required
Teacher Trainee applicants: bursary or training income considered, from the university, paid on a monthly basis
Newly qualified teachers (NQT) on a 1 year fixed term contract can be classed as permanent and are not subject to our contractor criteria*. If applicants are on a contract covering maternity leave, which can be ended early on return of the post holder, please contact the Society
*Where the contract is nearing expiry we may require evidence of employment for the following academic year.
If you have a main
applicant on a fixed term/trainee contract who is a recognised professional such as a medical doctor, trainee accountant or solicitor please contact our Broker Relations team on 0800 378669 or our BDM Andy Yates on 07880 367520 to discuss the case in more detail.
Where the applicant is part of a couple who will be living together in the property, both individuals are usually required to be party to the mortgage.
Where applicants have recently returned to the UK, we will typically require a minimum of 6 months employment / credit history in the UK prior to application.
Pension and student loan deductions must be included within the net take home pay for affordability.
Temporary, fixed term and supply contracts considered (see ‘income’ section for full details and exclusions)