So you’re in your NQT year. That’s hard enough as it is. However, you also have the problem of not being able to get a mortgage. For some reason lenders just aren’t huge fans of Newly Qualified Teachers. So what can you do?
- Speak to a specialist Teacher Mortgage Broker
- Get a mortgage in principle.
- Get house hunting.
Let’s break those area’s down a bit so you know why I’m suggesting you follow this guide.
Speak to a specialist Teacher Mortgage Broker
Why do you need a broker at all? Well firstly a Mortgage Advisor will be able to package your application with the lender most likely to accept you. Packaging is what we call putting your application together in the right way for the highest chance of success.
Why a Specialist Teacher Mortgage Broker? If I told you the person I spoke to an hour ago had the same problem as you, and I solved it for them, that would be great right? If I can solve it for them, chances are I can solve it for you. Now the biggest reason to speak to a specialist Teacher Mortgage Broker is that they talk to Teachers day in, and day out. So they have likely seen your problem before.
Get a Mortgage In Principle
Let’s start with what is a mortgage in principle? A Mortgage In Principle is an agreement from a lender that in theory they are happy to lend you money for your mortgage.
It will usually involve a credit search, and some basic information from you.
So why do you need one? Well first of all most estate agents want you to have one before you view properties. More importantly it shows the estate agent and in turn the seller that you are serious.
Get House Hunting
Now the fun starts! You can go house hunting and find yourself a property that you love.
But that sounds so simple?
Yes it does, doesn’t it. Probably because it is. That is what you get from using a specialist Teacher Mortgage Broker. They make your life simple.
NQT Mortgages
There are very few lenders that like lending to a Newly Qualified Teacher. This makes it even more important that you speak to a specialist Teacher Mortgage Advisor to get your mortgage.
What documents will I need for an NQT Mortgage
So this varies from lender to lender. However you will usually need:
- 3 months of Bank Statements
- 3 months of Payslips or a contract
- Proof of ID like a passport or Driving License
- Proof of Deposit
What if I haven’t qualified yet?
Whilst studying you may think ‘I’m not employed yet, I can’t get a mortgage’. However, that’s not quite true. Some lenders will consider whilst you are studying if you are receiving a bursary income. When training to be a Teacher you will likely receive a bursary income from the government. Lenders will base your income off this as they feel you will become a Teacher once you qualify.
