A permanent teacher can generally use documented annual base salary in a mortgage application. The lender also checks employment conditions, credit, debts, down payment and the property. A 10-month or 12-month payment schedule does not itself change annual salary.
A permanent salary is usually straightforward to document. A clear application still needs accurate employment details, a workable budget and the documents requested by the lender.
What a lender uses
- Your gross annual base salary, taken from the board employment or salary letter.
- The annual figure, regardless of whether pay is disbursed over 10 or 12 months.
- Any confirmed pay increase, with its effective date and lender acceptance checked before it is used.
What the employment letter should confirm
Ask your board to confirm your position, employment status, annual salary and start date. Include category, step or probation details where relevant, and check the lender checklist before requesting the letter.
Explain your pay schedule
If your salary is paid on a school-year schedule, provide the annual amount confirmed by your board. Clarify an income discrepancy with supporting documents.
Sources and dates
Sources below support the relevant figures and rules. Source dates and historical salary years are shown where available. A planned review date does not guarantee that a figure stays current; check the source and your own eligibility before acting.
First published . Updated . Source dates are listed above.
Common questions
Do permanent teachers need two years of history?+
Not always. A board letter and pay stubs may establish permanent salary. The lender decides what history and employment conditions it needs to review.
Does my pay being spread over 12 months matter?+
No. Lenders use your annual base salary either way. The disbursement schedule does not change the number.
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Emily & Jeff Mudrick
Mortgage agents, Mudrick Mortgages
Serving teachers across Ontario.
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