Mortgages Advice for Newly Qualified Teachers (NQT’s)

Newly Qualified Teacher Mortgage Advice in Durham

When you have completed all of the required exams can are now a Newly Qualified Teacher, it’s then time to look at the next step. You can now utilise your skills and find yourself a job with your well-deserved qualification.

Depending on the location you are looking at working, it may be best to start looking into the different options that are on offer for you with moving home in Durham. It could be possible that your new job is too far to commute to daily meaning you will need to relocate.

This is an exciting venture, however, it can be difficult to juggle settling into your new job and homeownership.

Through our experience providing open and honest mortgage advice in Durham, we have helped thousands of customers to obtain a mortgage whether they are looking for their first mortgage, looking to remortgage their current deal or looking to move home. Our team are dedicated to in taking as much stress away from the process as possible.

Newly Qualified Teacher Mortgages

It can be a challenge to search for a mortgage lender who will happy to offer a mortgage to an individual who is a newly qualified teacher.

Obstacles usually occur because there isn’t a sufficient amount of work history they can look at or because they only have a temporary contract.

Despite these being a prominent issue in this case, there are still various options that are suitable for Newly Qualified Teachers who are looking to get a mortgage. Through our experience, we have helped many NQTs fulfil their homeowning dreams of getting a mortgage in Durham.

There are some mortgage lenders out there who have mortgage products that are suited to public sector workers like teachers.

When it comes to finding the best lender to go for, you need to make sure that you are with the one that is appropriate for your situation which is normally the most difficult part of the mortgage process.

If issues like this pop up, our trusted mortgage advice team in Durham will be able to help! Here at Durhammoneyman, we have access to a large panel of lenders meaning we can search through 1000s of deals in the hopes to find you a deal that is perfect for your situation.

What mortgages for NQTs may be available?

Even though a mortgage can be difficult for Newly Qualified Teachers, it doesn’t mean getting a mortgage is completely out of the cards for you. There are still options in the mortgage market that may be suitable for you.

Below are some types of mortgages that our team have come across the most when working the customers who are Newly Qualified Teachers:

• Help to Buy Scheme in Durham – Introduced by the government, the scheme is designed to help first time buyers who are in the market for purchasing a new build home.
• Fixed-Rate Mortgages – A common mortgage type allows you to keep your monthly payments throughout the full mortgage term.
• Shared Ownership Mortgages – The payments are made up of part rent payments, part mortgage payments. You will begin by owning a share of the property, with the remaining share being owned by a relevant third party, like a housing association. This may make your monthly outgoings easily manage.
• Tracker Mortgages – A type of a variable rate mortgage, where the movement of interest on your mortgage coincides with the Bank of England’s base rate, regardless of whether that is up or down.
  
  As well as looking into NQT mortgages, the lenders may look into other options. Some more known mortgage lenders out there who do not need to see previous employment and may allow you to get put a 95% LTV (loan to value).
  
  Some mortgage lenders may look at a 12-month first contract as a permanent job role instead of seeing it as a temporary contract.
  
  Furthermore, we have seen mortgage lenders allow to get a mortgage process stared before the applicant officially starts their job, however, this does mean you will have to provide evidence of a signed contract and a confirmation of your start date.
  
  This can be really beneficial if you are looking to start making your first mortgage payments at the time when you are due your first month’s wages from your new job, by the time your mortgage has been completed.

How a Mortgage Advisor in Durham May Help

Here at Durhammoneyman, we utilise both our knowledge and experience to help customers in Durham with varying mortgages. We provide a tailored service that has helped many first time buyers in Durham.

There are many benefits of utilising the service of a mortgage broker in Durham. Our team work hard in making the process as simple and straightforward, finding you the mortgage deal that is appropriate for your situation. We also can help you with finding additional services like conveyancing solicitors.

If you are looking for further information as a first time home buyer, get yourself booked in for a free mortgage appointment which can be carried out on a video call or on the phone. In the appointment, we will get to know your situation and support you through the mortgage journey.

Last Edited: 17/04/2023