Newly Qualified Teacher Mortgage Advice in Leeds

If you have reached your goal of completing all the required exams to become a Newly Qualified Teacher, you are probably looking at the next step. With all your new skills and qualification, you will be looking at finding yourself a teaching position.

You may find a teaching position that is based in an area that is too far to commute which could mean you looking at option available for you with Moving House in Leeds.

With this in mind, you may be looking at finding yourself a place to live. Due to keeping the balance between homeownership and settling into your new role, you may find this an exciting yet stressful time.

Throughout our time as a Mortgage Broker in Leeds, this situation has happened to numerous home buyers and homeowners who were wanting the process to be stress free and smooth while they focus on their new career.

Newly Qualified Teacher Mortgages

As a Newly Qualified Teacher, it can be a challenge to look for a mortgage lender who will be happy to offer a mortgage to an individual who is a newly qualified teacher.

This could be for a number of reasons, one being a lack of or no work history to show or because they only have a temporary contract.

Despite these being an issue, there are numerous options for Newly Qualified Teachers who are looking to get a mortgage. Here at Leedsmoneyman, our knowledgeable team of Mortgage Advisors have helped a lot of NQTs on their journey of obtaining a mortgage with a Mortgage Broker in Leeds by their side.

On your mortgage journey as a Newly Qualified Teacher, it can be common to find that there are a small number of lenders who have deals suited to public sector workers like teachers.

In order for everything to run as smoothly as it can, it’s important that you choose the best mortgage lender for your circumstance. This part of the process can be the most difficult out of the full mortgage journey.

This is where a mortgage advice team in Leeds can help by searching through thousands of mortgage deals for you in order to get the most suitable deal for your circumstances.

What mortgages for NQTs may be available?

Even though mortgages can be complex for New Qualified Teachers, there are still options out there available to you on the mortgage market.

Below are the types of mortgages that we find regularly come up when we are dealing with cases involving Newly Qualified Teachers.

  • Fixed Rate Mortgages – A mortgage types that we find is used quite a lot and keeps the interest the same throughout the term therefore keeping the monthly payments the same.
  • Shared Ownership Mortgages – Also referred to as ‘part buy part rent’, that gives first time buyers a chance to buy a share of the property. The other part of the share is owned by a third party like a housing association. This type could make your monthly outgoings easier to manage.
  • Tracker Mortagage: A type of variable rate mortgage, which the interest rates follow the Bank of England’s base rate. This can cause a fluctation into your montly mortgage payments.

When it comes to NQT mortgages, there are more other factors lenders might consider. In some cases, depending on the lender, they might not ask you to evidence previous employment and may let you get up to a 95% LTV (loan to value).

Some mortgage lenders may treat a 12-month first contract the same as a permanent job role, instead of seeing it as a temporary contract.

A small majority of mortgage lenders around the country could get you on your mortgage prior to beginning your job. This does mean you have to show them a signed contract and a confirmation of your start date.

This can be helpful for you, especially if you are preparing to start making your first mortgage payments at the same time as your first month’s wages from your new job is due, around the time your mortgage has completed.

How a Mortgage Advisor in Leeds may Help

At Leedsmoneyman, we have a team of knowledgeable mortgage advice experts in Leeds all with a vast amount of knowledge and experience in helping customers in the world of mortgages and the property markets, helping numerous first time home buyers with their mortgage needs.

Having a dedicated Mortgage Broker in Leeds by your side in the mortgage process can have many benefits. Our goal is to take the stress away and provide a tailored service through searching thousands of mortgage deals to find the one that is fitting for your situation. We also can recommend possible conveyancing solicitors for you to use and more.

If you are wondering what options are out there for you as a first time home buyer, book online for a free mortgage appointment with one of our expert mortgage advisors in Leeds. In this appointment, your dedicated advisor will ask you about your situation and help you with the next part of your journey.

Date Last Edited: September 20, 2024