Newly Qualified Teacher Mortgages

Newly Qualified Teacher Mortgages

Teacher Mortgages and Newly Qualified Teacher Mortgages are slightly different. Most teachers are treated as normal borrowers once you have a permanent position. Some lenders will treat you as permanent as soon as you have an offer of a  permanent job. If you’re an NQT wanting a mortgage, you will be treated slightly differently. Also see Graduate Mortgages.

Are Newly Qualified Teacher Mortgages available?

Yes. NQT mortgages are available.

Not many lenders will consider you during your NQT year. This is because you are still technically on probation on a temporary contract. However, if you approach the correct lender when applying for a mortgage as a newly qualified teacher you may be able to buy your first home.

Lenders for Newly Qualified Teacher Mortgages

Mortgages for NQTs are considered by a few of the lesser know regional building societies. You should get advice as to which one might be best for you and to check who else is available. Especially as professional advice is probably cheaper than you think.

Is getting a mortgage while an NQT a good idea?

As there are only a few lenders that will consider NQT mortgages you might get a better mortgage deal by waiting until you have a permanent job, or even just an offer of one. There are still competitive deals available to NQTs and slightly higher interest rates might not make a huge difference to your payment anyway. Besides, once you get a permanent role you might be able to remortgage to an even better deal anyway.

If suitable properties don’t come on the market very often you may regret not making an offer on one when it was available.

You need to be confident that you can commit to the area you are currently working in. Are you confident you’ll get a position at the same school, or one nearby?

Newly Qualified Teacher Mortgages

Do teachers get better mortgage rates?

When it comes to teachers and mortgages, most lenders will treat you like any other employee. There are a few lenders, like Swansea, who offer a discounted rate for people in some jobs, including teachers. Although they offer this discount, this doesn’t necessarily mean they are the best rate available. Other lenders may have lower interest rates even without this special discount for teachers.

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