A home to call your own
Renting
Scouring the local paper can take a lot of time and energy. The Association of Residential Letting Agents’ website at www.arla.co.uk lists all the letting agents by area, as do both www.yell.com and www.thomweb.co.uk To search specifically for properties try www.homes2rent.net or www.fish4homes.co.uk.
If you’re still training and are looking to rent or share, your university, college or training provider should be able to offer support. They may have lists of local accommodation and many also have hardships funds if you’re finding it difficult to cover the cost of your rent.
Once you have found a rental property, you will need to find money to cover the deposit and usually at least one month’s rent in advance. If you have high housing costs and only one income in the family, you may be eligible for Housing Benefit. You can contact Teacher Support Network to check your entitlement on 08000 562 561 in England and 08000 855 088 in Wales.
Key worker living
Key worker living is a government-funded scheme that helps key workers in London, the south east and east of England to buy a home, upgrade to a larger property to meet household needs or rent a home at an affordable price.
What is a key worker?
For the purposes of this scheme, a key worker is someone employed by the public sector in a frontline role delivering an essential public service in the areas of health, education and community safety where there are serious recruitment and retention problems.
Who can benefit?
As a teacher in a school, further education institution or sixth form college you are categorised as a key worker. Eligibility criteria can vary across regions depending on local recruitment and retention priorities. A full list of eligible roles can be found on the Housing Corporation website.
How do key workers apply?
To find out what is available locally and to obtain an application form, key workers must contact the HomeBuy Agent for the area in which they work.
What is a HomeBuy Agent?
A HomeBuy Agent is a registered social landlord (commonly known as Housing Association) that markets housing schemes including those for key workers across an area. HomeBuy Agents provide a one stop shop and point of contact for potential purchasers of the Open Market and New Build products. They deal with applications and arrange the help that key workers need.
A complete list of HomeBuy Agents and their contact details can be found on the DirectGov website.
For further information on all aspects of the key worker scheme visit the Communities and Government website.
Getting on the property ladder
Several schemes have launched in recent years, aimed at assisting people who cannot afford to buy property on the open market.
- Housing corporation – The Housing Corporation is the national Government agency that funds new affordable housing and regulates housing associations in England. They have about 500 staff based at nine offices throughout England (they do not work in Northern Ireland, Scotland or Wales).
- Housing options – The Housing Options Service has been designed to help those people in London who are unable to afford to buy their own home or rent a good quality home. For eligibility criteria and to apply visit their website.
- Housing Associations – have a range of affordable housing options on offer for low to middle income earners, including Shared Ownership schemes. Visit www.lhog.co.uk for more information.
- Shop around for the best mortgage offers – www.charcolonline.co.uk is a mortgage broker providing free, online advice.
- Contact your local authority to ask if it operates, or is aware of, local initiatives aimed at helping teachers.
- Shelter now provides free advice, information and help with legal and practical issues of finding accommodation. Either visit their website or call the support line on 0808 800 4444, available 8am-8pm seven days a week. If you would rather talk to someone in person check their website for advice centres near you.
Money’s too tight to mention
As the country faces a recession we are all feeling the pinch. By acting early and sorting out your finances you will be able to see any short falls and plan a way to manage them.
As a serving teacher, you can contact our money advisers on 08000 562 561 (England), 08000 855 088 (Wales) 0800 564 2270 (Scotland) for budgeting advice or ideas on how to manage your debts. We can also check if you’re eligible for any Government benefits.
If you’re finding yourself struggling for money by the end of the month putting a budget in place can be a useful way to see where you can cut back. Our factsheet ‘Tips and advice on budgeting‘ shows you how to create a budget and our ‘Money management‘ can show you how to make the most of your money.
The FSA website also has an online budget calculator to help you work out how much money you will have available each month.
Other useful contacts:
- Citizens Advice www.citizensadvice.org.uk,
- Consumer Credit Counselling Service (0800 138 1111) or www.cccs.co.uk
- National Debt Line (0808 808 4000) www.nationaldebtline.co.uk
If you need advice about investments, pensions or related issues, you should speak to an independent financial adviser. Call 08000 853 250 or visit www.unbiased.co.uk for more information.
If you find yourself in extreme financial difficulty, you may be eligible for a grant or loan from the Teacher Support Network.
You should be aware that there are basic eligibility requirements for a grant or loan. To be eligible to apply you must:
- Be a serving, former or retired teacher (or a dependent).
- Be teaching or have taught in England or Wales.
- Have taught for at least one term in England or Wales on a full time basis, or
- Have QTS.
- Have less than £6,000 in savings.
In most cases, grants cannot be awarded for private school fees, fees for educational courses, private medical treatment or payment for curriculum related field trips. Grants are not generally awarded for non-priority debt but money advice is always available.
*Please note: The Teacher Support Network cannot provide financial assistance towards tuition cost, student loans or student debts.
Increasing your income and cutting costs
Here are some ideas for earning a few extra pennies:
- What about taking in a lodger? – This option should be considered carefully as you are inviting someone to share your home. There are also laws and regulations in place to protect both you and your tenant which you should be aware of. Websites such as Landlord Zone can help to answer some of your questions and Property Investment Project will show you both the positive and negative aspects of taking in a lodger. Above all make sure that you meet the person and are aware of their occupation, hobbies etc. You will be living with this person and should feel comfortable and safe in their company.
- Can you find extra income from exam marking or private tutoring? Visit the School Zone website for further information on work with examination boards.
- Could you find things to sell, perhaps at a car boot sale?
- If you have grown-up children, are they making a realistic contribution to household expenses?
- Are you eligible for Child Tax Credit or Working Tax Credit? Check your eligibility at www.taxcredits.inlandrevenue.gov.uk
- Check that you are receiving all the benefits you are entitled to. also check for possible grants and bursaries by ringing Teacher Support Network.
Cutting down on your expenditures:
When things are tough, cutting your costs – even by a small amount can make all the difference:
- If you’re a homeowner, look at changing mortgages. Do your research on www.moneysupermarket.com, www.fsa.gov.uk or www.moneyextra.com
- See if you can get a better deal by changing your utility supplier. Check online at www.uswitch.com or www.saveonyourbills.co.uk
- Can you spend less on entertainment, convenience foods or other non-essential items?
- Could you cut down on your use of your mobile phone? Can you switch money by switching mobile tariffs (www.switchwithwhich.co.uk)?
- Get rid of your store cards!
For more money management ideas, log on to www.teachersupport.info.
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