Teacher Mortgage First Time Buyer

The Essential guide to a Teacher Mortgage as a First Time Buyer.

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Can I get a Teacher Mortgage as a First Time Buyer?

Absolutely! At Albion Forest Mortgages we specialise in getting a Teacher Mortgage for a First Time Buyer. As a First Time Buyer getting a Mortgage can be a bit daunting. However it doesn’t need to be a stressful experience.

First Time Buyers usually need a higher loan to value, by this we mean they have a lower deposit. This can limit your options on its own, but being a Teacher or Teaching Assistant may complicate it further.

Are there special home loans for teachers?

Yes! There are specialist products and lenders for Teachers. It may not always be the best solution to use one though, and you might get a better rate with another lender.

Sometimes a lender that is a specialist may not have the best rate, or may have higher fees than another lender. It’s best to speak to a specialist to find out your options.

Can you get a mortgage as an NQT?

Yes you can. Being a Newly Qualified Teacher and First Time Buyer you may find it difficult to get a mortgage.

You can even potentially get a mortgage as a First time buyer before you have started your new job. Some lenders can appreciate that you may want to move closer to the School you are starting at before you start.

Can I get a teacher mortgage for a first time buyer with Bad Credit?

Yes, you can! Bad Credit can seem like a stumbling block but there may be specialist lenders and products perfect for your situation. Depending on how much your Bad Credit was for, how long ago it was, and even what it was for makes a big difference to what mortgage you can get. We recommend checking your credit file regularly, we use Checkmyfile for this.

I’m a supply teacher, can I get a Teacher Mortgage for First Time Buyer?

Yes, being a Supply Teacher can make your application more complicated, and adding in that you are a First Time Buyer makes it harder. However you certainly have options, some lenders understand your income and what you do better than others. 

I’m newly qualified and a First time buyer, can I get a Teacher Mortgage?

Absolutely. We specialise in NQTs and get them their homes. Between being a First Time buyer and an NQT you may find it more challenging to get a mortgage. However there are options available to you that may help you to get on the property ladder.

What types of Mortgage are there for a Teacher Mortgage First Time Buyer?

Popular mortgage types

Fixed rate mortgages

Fixed rate mortgages are probably the most common. They are set at a fixed rate of interest for a fixed amount of time. Therefore this appeals to most people as they like to know what their outgoings will be each month. They often have early repayment charges if you try and redeem the mortgage before the end of the fixed rate.

Tracker rate mortgages

This type of mortgage generally tracks the Bank Of England base rate, so as that rises and falls so do your monthly repayments. They can also have a cap or collar meaning they won’t go above or below certain rates. Tracker mortgages often won’t have any early repayment penalties which can therefore make them quite flexible.

Variable rate mortgages

These work in a similar way to a tracker mortgage and will go up and down depending on the lender. The Lender sets the variable rate, so it can change over time. Often you may get a discount on the variable so it will sit just under the variable rate. As with Tracker mortgages you often do not have early redemption penalties on this type of mortgage and therefore can make changes more easily when needed.

Are there any schemes available for a Teacher Mortgage First Time Buyer?

You have a few options for Teacher mortgage schemes for First time buyers:

Shared Ownership

The shared ownership scheme has been around for decades. Essentially it allows you to part buy, part rent your home. This therefore makes this scheme quite good for first time buyers as it allows you to get on the property ladder with a smaller deposit. It’s a perfect scheme for anyone to get their first homes with a low income or low deposit.

Right to Buy

This scheme is available for council tenants to buy their home off the Local Authority at a discount therefore you can get on the property ladder with little or no deposit potentially. If you think you may be eligible for this scheme it may be best to speak to your Local authority to check.

Help to Buy

The government help to buy scheme is available on eligible New Build properties. This scheme offers a 20% loan (40% in London) allowing you to put down a 5% deposit and a 75% mortgage which usually means you can get a better rate and therefore have lower payments.

First Homes

The First Homes Scheme hasn’t been released yet. However we know it will be a minimum of a 30% discount on eligible New Build properties. The scheme will be for First Time buyers and Key Workers so is a perfect fit for those wanting a teacher mortgage as a first time buyer.

 

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