The Definitive Guide to an NQT Mortgage or Newly Qualified Teacher Mortgages.
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Can You Get An NQT Mortgage?
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 mortgage otherwise known as 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.
Generally you 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 better NQT mortgage rates?
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 probationary teachers get a mortgage?
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.
The main lenders that might accept an NQT include:
Do Teachers get special mortgages?
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. 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 can be a struggle but some lenders like Nationwide may allow you to apply before you have started that first Teaching position. Some lenders such as Barclays and West Bromwich Building Society even while training you may get a mortgage based on your bursary income.