First-time buying teachers shouldn't expect "doom and gloom"

Teachers who are about to try and buy their first houses should still be able to find good mortgage deals if they look around, an expert has implied. 

The head of mortgages at Moneyfacts.co.uk Darren Cook said lenders are being more stringent than they used to be, but this does not mean it is "all doom and gloom".

He explained that while borrowers may have to raise more money for deposits, often a third-party guarantee from a parent would do the same trick.

Mr Cook also suggested that the tighter lending could be beneficial to buyers as it would prevent them from trying to take out mortgages that are beyond their means to repay.

According to Moneyfacts.co.uk research, close to a dozen major mortgage lenders have reduced maximum loan values on some mortgages since December.

Source: Adfero

Education professionals can get mortgage advice from Wesleyan for Teachers.