Newly Qualified Teacher Mortgages

The Definitive Guide to an NQT Mortgage or Newly Qualified Teacher Mortgages.

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Can You Get An NQT Mortgage or Newly Qualified Teacher Mortgages?

Newly Qualified Teachers (NQT) sometimes struggle to get a mortgage. You would normally be on a limited or probationary contract. You’ve likely been studying recently so have a limited employment history as well.

The good news for you is that you do get Newly Qualified Teacher mortgages or an NQT mortgage, there are a few lenders available that will consider NQT’s. Not many though so it’s probably worth speaking to a specialist mortgage broker.

You generally have two problems to face when applying for Newly Qualified Teacher Mortgages:

  • You are on a fixed term contract.
  • You were studying last year so don’t have much time in continuous employment.

Do Teachers get help with buying a house UK?

There are a few schemes available when you’re looking for newly qualified Teacher mortgages or an NQT mortgage, and whilst not specifically targeted at Teachers or Teaching Assistants, they are certainly available to Teachers.

Most Schemes tend to have a focus on First Time Buyers, but some are open to home movers as well.

Shared Ownership Scheme

This scheme has been around a really long time, but may be good for you if you are on a limited income for a newly qualified Teacher mortgage. Essentially you purchase part of your home and rent the rest off a housing association therefore allowing you to get on the property ladder. This scheme is perfect for those with a low deposit or low income.

Government Help To Buy Scheme

This is an Equity Loan from the government for 20% (40% in London) of your property value, therefore allowing you to get a better rate usually. It is only available on certain New Build properties, so you need to consider this. The reason you get a better rate usually is you put in a 5% deposit and then get a 75% mortgage, and the lower percentage mortgage you get usually you get a better rate.

Right to Buy

This scheme allows you to purchase your council property from the local authority at a discount. You then can’t sell or rent out the property for a set amount of time. You will need to already live in the property, and qualify with your Local Authority. Best to speak to a specialist mortgage broker to find out a bit more.

Government First Homes Scheme

This scheme we imagine will be the main one for Mortgages for Newly Qualified Teachers when it comes out. As Key Workers you should qualify. What we know at the moment is that it will offer a minimum of a 30% discount on an eligible New Build property. Unfortunately it hasn’t been officially released yet, and therefore the information we have on it is limited.

Do Teachers get better NQT mortgage rates?

Yes they potentially can.

There are lenders and products specifically for Teachers and Key Workers. You could receive a better rate or a longer term from one of these designed for newly qualified Teacher mortgages or a NQT mortgage.

Rates change all the time in the Mortgage Market. This therefore means that the best rate for you today, may not be the best rate for you next week. Also you should take into account that lowest rate doesn’t necessarily mean that is the best solution to your mortgage problem.

Can you get newly qualified teacher mortgages or a NQT mortgage for supply Teachers?

Yes, Supply Teachers will be viewed differently to other Teachers, but you could still potentially get newly qualified Teacher mortgages for a Supply Teacher. If you have been a Supply Teacher and have then studied and become a Newly Qualified Teacher you likely have a shorter term contract, and obviously your employment history is slightly different to what you do now.

Can probationary teachers get a mortgage?

This can be a struggle. In your NQT year you generally have a fixed term contract or are on Probation.

This usually means 95% of lenders will not give you a mortgage. However, there are a few lenders that accept Teachers in their NQT year or when on probation.

Do you get part time newly qualified Teacher mortgages or an NQT mortgage?

Absolutely! Part time Teachers can still get mortgages for newly qualified Teachers, and they can access the same specialist Teacher and key worker mortgage products as a Full Time Teacher. Being a Part time Teacher doesn’t stop you getting a mortgage, but obviously you can only borrow as much as you can afford. This therefore means that you will likely not be able to borrow as much as someone employed full time.

Can I get specialist Mortgages For Newly Qualified Teachers?

Yes you can, you should absolutely get in touch with a specialist Teacher mortgage advisor to discuss your situation. Being an Newly Qualified Teacher is hard to get an NQT mortgage, but you do have options. Specialist products and lenders are available to help you get the right mortgage for you.

Do Teachers get special mortgages?

Sometimes, yes they do. Lots of lenders have specialist products that Teachers fit, some lenders even specialise in newly qualified Teacher mortgages.

The biggest example of this is Teachers Building Society who have built their whole brand around Teacher Mortgages. Whilst they specialise, like us, in helping Teachers get Mortgages, they aren’t however always the best option for you. Lots of lenders have products for Key Workers and Professionals like you.

Can You Get An NQT Mortgage or Newly Qualified Teacher Mortgages with Bad Credit?

Absolutely. Depending on what your bad credit was for, how much it was and when it was you may have options. If you have Bad credit we recommend checking your credit report. For this we recommend Checkmyfile. If you’re considering getting a NQT Mortgage with Bad credit we have a whole article on Bad Credit Mortgages for Teachers here.

Different types of Bad Credit will be viewed differently so its hard to say yes or no without more information.

Can you get newly qualified teacher mortgages if you haven’t started your job yet?

This is really common. You have just qualified and are about to start your first job Teaching. You want to buy a home near to your new School, but most lenders want to see your payslip and you don’t have one yet.

This can be a struggle but some lenders will allow you to apply before you have started that first Teaching position. Some lenders even while training you can get a mortgage based on your bursary income.

Got a question we haven’t answered on an NQT Mortgage? Maybe we do on our main Teachers page. If not, get in touch and we’ll answer it, and add it to the list!

 

Useful Links for an NQT Mortgage

Help to Buy Scheme

Stamp Duty

nqt mortgage, Newly Qualified Teacher Mortgages, Albion Forest Mortgages