Mortgages for Newly Qualified Teachers (NQT’s)
Teacher Mortgages in Durham – First-Time Buyers
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. 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.
Things to be considered:
- 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.