Mortgages for Newly Qualified Teachers (NQT’s) | Mortgage Advice in Durham

Mortgage Advice for Newly Qualified Teachers

Many schools now only offer newly qualified teachers (NQT’s) a 12-month initial contract as standard. This can prove a problem for many teachers if they want to buy a property as a First Time Buyer in Durham. This is because most of the high street mortgage lenders will class them as a “contract worker”. As such teacher mortgages will require you to have 12 months in the role.

Fortunately, some smaller lenders are more sympathetic to this situation and will consider a First Time Buyer’s application without the 12-month history. On the other hand, you could consider a Help to Buy scheme in Durham.

Things to consider:

• No previous employment history required (so it’s fine if you have been studying up until now)
• A 12-month first post-contract can be treated the same as a permanent role
• Mortgages available up to one month before the start of the first contract (so you can apply in the August for example)
• Up to 95% loan to value
  

If you are a newly qualified teacher and would like to discuss your mortgage options then please don’t hesitate to contact us for Specialist Mortgage Advice in Durham.