Newly Qualified Teacher Mortgage Advice in Sunderland

So you have passed all of your exams and have successfully achieved your goal of becoming a Newly Qualified Teacher. The next thing for you to do is to put your skills to use and find yourself a job that utilises your well deserved qualifications!

You may find that due to the nature of your new career, you will need to start taking a look at what your options are for moving home in Sunderland, if perhaps you currently have a home that is a bit further away than where your new place of work is situated.

Fairly soon you’ll find yourself on the hunt for somewhere else to live, potentially finding it difficult to balance both homeownership and finding your footing within your newfound teaching role.

You are not alone in this endeavour, however, as over the years we have helped lots of home buyers and homeowners who are under just as much stress in the same situation, needing someone to take on their mortgage whilst they keep their minds focused on their new career.

Newly Qualified Teacher Mortgages

It can be a little complicated trying to find a mortgage lender who is happy to offer a mortgage to a newly qualified teacher. The main reasons that issues tend to arise is either due to the fact that they don’t have work history to go off or because the contract is only a temporary one.

Even bearing these in mind, you do still have options out there if you’re looking to obtain a mortgage as a Newly Qualified Teacher. Our Mortgage Advice team have helped lots of customers with these over our time as a mortgage broker in Sunderland.

Every so often, you may come across some mortgage lenders who have preferrable deals specifically suited to people who are working within the public sector. The secret to finding success here, is making sure you go with the best mortgage lender for your circumstances, which in this case is generally the most difficult part of the mortgage process.

It is when situations like this arise, that our experienced mortgage advice team in Sunderland can search through thousands of mortgage deals on your behalf, working hard to find the perfect deal for your individual circumstances, with preferable rates.

What mortgages for NQT teachers may be available?

You should remember that whilst yes, the process may be challenging sometimes, you are not restricted altogether in the options that you may be able to take. Here are some of the mortgage types that we find are commonly associated with cases referring to Newly Qualified Teachers:

  • Fixed-Rate Mortgages – A commonly used mortgage type, which will allow your payments to remain consistent for your term.
  • Shared Ownership Mortgages – Part rent payments, part mortgage payments. You own a share of the property, with the rest being owned by someone like a housing association. This may ease your monthly outgoings.
  • Tracker Mortgages – A form of variable rate, where the interest on your mortgage will follow the Bank of England’s base rate, whichever way that moves.

The lender may consider a few different factors as well when it comes to an NQT mortgage. There are mortgage lenders who will not need to look at previous employment, as well as allowing you to access up to a 95% LTV (loan-to-value). Depending on lender, a 12-month first contract may be considered as being the same as a permanent job role, as opposed to being seen as a temporary contract.

Last of all, you may find that there are some lenders out there who are willing to make a start on your mortgage prior to your start date, though this will require evidence of a signed contract and a confirmed start date. This can be very useful, as you could be ready to start making your first mortgage payments with your first lot of income from your new job by the point of mortgage completion.

How a Mortgage Advisor in Sunderland may Help

Our hardworking team of open & honest mortgage advice experts in Sunderland have a great deal of knowledge and experience of working in and amongst the world of mortgages, helping a large variety of home buyers with their mortgages.

There are many different perks to using a trusted Mortgage Broker in Sunderland. We aim to take the stress away, searching through thousands of unique mortgage deals of your behalf, suggesting potential conveyancing solicitors and doing so much more.

Find out what options are available to you as a home buyer, by booking yourself in online for a free mortgage appointment with one of our fantastic mortgage advisors in Sunderland, who will gather some initial information from you and guide you onto the next step in your mortgage journey.

Date Last Edited: 19/02/2024