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Mortgages for Newly Qualified Teachers (NQT’s) in Leicester

Newly Qualified Teacher Mortgage Advice in Leicester

Good job! You have just achieved a massive goal after passing all of the required exams to become a Newly Qualified Teacher. It is now time for you to find yourself a job within the classroom, utilising your teacher qualifications!

If you have found your dream job in teaching but you’re located in an area that isn’t ideal for your dream job, it may be time to start looking at your options for Moving Home in Leicester.

This will take you on a journey of finding a place to move, juggling the process of homeownership and getting settled in your newfound teaching role.

Through our time providing open and honest Mortgage Advice in Leicester, this is a situation we commonly come across. We have a brilliant reputation for helping lots of newly qualified teachers with their mortgages whilst they focus on their careers.

Newly Qualified Teacher Mortgages

It may be quite challenging to try and find a mortgage lender who will want to offer a mortgage to a teacher who is newly qualified.

The common reasons behind this is that the applicant has no work history or that they are on a temporary contract.

The good news is that it’s not impossible to find a mortgage for a Newly Qualified Teacher. This is where our team of dedicated Mortgage Advisors in Leicester can help as they have excellent knowledge and experience in this.

Through their experience, they have seen some mortgage lenders have favourable deals on offer to people who are wrong within this specific work sector.

The overall goal is to find the best mortgage lender to go with, this can be the most challenging part of the process.

Here at Leicestermoneyman, our mortgage advice team in Leicester can look through thousands of mortgage deals with the aim to find a deal fitting for your situation and has favourable rates.

What mortgages for NQT teachers may be available?

Even though it can be difficult, you are not completely restricted in the options that are available to you.

Below are some of the more popular mortgage types that we find are available to Newly Qualified Teachers.

  • Fixed-Rate Mortgages – One of the most common mortgages, allowing your payments to stay the same for a length of time.
  • Shared Ownership Mortgages – Turning your mortgage payments into part rent, part mortgage. Making repayments potentially easier.
  • Tracker Mortgages – A form of variable rate, where interest will follow the Bank of England’s base rate, whether that is up or down.

Each lender has different criteria they follow which means there are different factors they take into consideration. You may find that some mortgage lenders do not need to see previous employment and may let you have access to up to a 95% loan-to-value.

In some cases, a 12-month contract may be seen in the same way as a permanent job role instead of being seen as a temporary one.

Finally, we have come across some lenders who are willing to begin the mortgage process before your start date as long as the applicant can provide evidence of a signed contract and a start date.

This can be really beneficial as you may be in a position where you are ready to start making your first mortgage payments with your first month’s pay from your new job by the time that the mortgage process has been completed.

How a Mortgage Advisor in Leicester may Help

We have a fantastic and hardworking team of mortgage advice experts in Leicester who have extensive experience and knowledge within the mortgage world. Through this, they have encountered a variety of home buyers in their mortgage situation.

Utilising the service of a Mortgage Broker in Leicester can have a lot of benefits, especially for those in the teaching industry. Our team will work hard in taking any stress away from the process, searching thousands of deals on your behalf whilst you can focus on your new teaching job. As well as this we can recommend a conveyancing solicitor and so much more!

We offer all our customers a free mortgage appointment with one of our expert Mortgage Advisors in Leicester who can help you explore all your mortgage options and get to know your financial situation in more detail.

The Importance of Changing Your Address in Leicester

Mortgage Advice for First-Time Buyers

As a first time buyer in Leicester applying for a mortgage, you need to be aware of your credit score. You will find that the least amount of addresses you have on your record, the better, though this seems to be something that people are more knowledgeable and aware of nowadays.

The Importance of Keeping Consistent With Your Addresses

Our experienced mortgage advisors in Leicester have found they are many applicants who have moved out of their parent’s address into rented accommodation, yet believe that it is a good idea to keep their previous address registered on bank statements, credit cards, and electoral roll.

People believe this is beneficial despite being a flawed strategy. Almost every time, if you have moved to a new address, there will be some record of this on your credit report. Your address could be recorded from a delivery address when you have ordered something online or car/home insurance search and many more.

Getting all your accounts (credit cards/ current accounts) and electoral roll changed over to your new address can be the best strategy when you are thinking of taking out a mortgage. At the time of updating your address on your credit file and electoral roll, it’s best to double-check the date in and date out. The consequence of making mistakes with these dates is that it may appear on your records that you are living in two places at once. 

This will show a more open and honest way of trying to apply for a mortgage which will benefit you greatly in your Mortgage application and when it comes to approaching a Mortgage Advisor in Leicester.

Get in Touch For Mortgage Advice in Leicester

Buying a New House in Leicester

Mortgage Advice in Leicester

Obtaining a home as a first time buyer in Leicester will be one of the biggest purchases you will ever make. It’s best to take your time when buying a home, as you need to be sure that the property you are looking at ticks all the boxes for you. Therefore, you must ask important questions that will help you make a decision.

If you are unsure of what to ask the seller, have a look at our shortlist of questions you could ask:

1. How much interest has been shown in the house?

In many cases, a new home that has been recently added to the property market can spark a lot more interest and become high in demand. Therefore, it’s best to act quickly to secure the plot. To have an insight into the amount of attraction there has been towards the house, you could ask the seller how many people have already viewed the property to see the amount of ‘competitors’ you may have.

2. Is there a chain?

A property chain is when you are waiting on the occupant that is in the property you are buying off to move out to their new property which they have to wait for. When it comes to a chain, it can mean that it will take longer to move due to the property already being occupied, however, if there isn’t a chain, this could mean you will be able to move in quicker.

From a seller’s point of view, a first time buyer in Leicester or someone who is not in a chain could be seen as more desirable as this could lead to a quicker sale. From a buyers point of view, these points can be a huge advantage and something to mention during your ‘negotiations’. 

3. Is there anything extra included in the sale?

In some cases, new homes can come with ‘extras’ that could persuade you to buy the house. Sometimes this is intentional and other times, the seller may simply wish to leave their older furniture behind. If you’re looking at buying an older home, you may find that there are unwanted items included, such as outdated furniture or well-used appliances.

It’s wise to check just to clarify, are things like cookers, fridges, and carpets, for example, could be included in the sale (or offered at an additional price). Make sure you clear as you may be left with unwanted items that you then need to remove and dispose of.

4. What are your new neighbours like?

Your experience with neighbours can make or break owning your own home. You risk losing enjoyment if you are stressed all the time with the people next door. Gaining an understanding of the neighbours can give you a good indication of what living there will be like, saving you that stress down the line.

5. What is the local area like?

Your personal criteria for the local area when hunting for a home, could be that you need a shop nearby or somewhere that’s only a short commute to work

Asking what the local area is like could mean you wanting to know about any leisure spots nearby e.g bars, gyms and restaurants or wanting to know what are the schools like if you are thinking of having a family in the future.

It’s best to do your research about the local area before committing yourself to any purchase. As people’s opinions are subjective so it’s best to make your own judgement.

6. Are there any running costs?

Associated costs such as heating, council tax, water (newer homes tend to have a water meter) are something to ask as it is part of running a home that you need to know. Many people are more aware of the running costs involved in owning a home or if not, you could ask a family member or friend.

7. What is the garden like?

Even though the British weather isn’t always sunny, some people still like spending time in the garden. Therefore, you may want to ask if the garden gets as much natural light and whether it’s south-facing etc.

8. Will any home improvements be needed?

When you move into your new home, you will often find that you will want to decorate it to your tastes. Home improvements can be essential to some older properties due to many needing ‘fixes’ or repairs. You may want to make improvements on the property such as insulation, efficiency, or garden work.

9. Are there any remedial fixes?

Buying an older property can come with repairs on some items. The seller can fix these issues if you have requested it to happen before the sale goes through or, in some cases, the seller may reduce the price. There can be some minor repairs if you are looking at a new build because of settlement or simple faults you identify after you moved in.

To make you aware of the remedial fixes that would be needed on a property, you may want to look into the different types of property surveys. Our mortgage advisors in Leicester can help recommend the most suitable survey for your property. Generally speaking if it’s a new build property, you will only need a basic valuation as you would hope with the property being new, that it is structurally sound. Whereas, if you are purchasing an older property, you may want to look into a home buyer’s report or full structural survey which should outline any defects with the property such as damp, subsidence etc.

When you are buying a new home whether it’s a new build or older property, make sure you ask the questions you need to know about the house. Asking the right questions, may be the difference between you buying the property or not.  

https://www.youtube.com/watch?v=cTDm5Mtx4VY
MoneymanTV | Types of Property Survey

Critical Illness Insurance Advice in Leicester

Mortgage Protection Insurance Advice in Leicester

https://www.youtube.com/watch?v=BBAsD_eg3nA
What is Critical Illness? | MoneymanTV

Critical Illness Insurance is a type of insurance policy that specialises in covering an individual who potentially could suffer with an illness listed in their policy in the future.

When taking out the policy, you must mention any underlying medical conditions due to some illnesses not being in the cover. The policy could void in the event of a claim if you fail to disclose any underlying medical conditions.

The one-off payment could go towards finances for your mortgage, medical or home modifications, if this is needed.

What does critical illness cover? 

Critical Illness Insurance will cover pay out of specific medical conditions or injuries that are stated in the policy.

Not all instances of a particular illness will be covered. In the policy, it will state certain conditions that are covered and define these in the policy documentation.

Some customers confuse themselves with critical illness cover with life insurance. The difference between them is what they cover but both insurances can be purchased together.

Examples of critical illnesses that might get covered include: 

???? Cancer 
???? Stroke 
???? Heart Attack 
???? Certain types and stages of cancer 

Permanent disabilities resulting from injury or illness and other illness not stated will be considered within the policy.

What isn’t covered? 

The policy may not list more severe forms of cancer and conditions as they might not get covered. Potential health conditions that you weren’t aware of won’t be covered before you took out the insurance, also this type of insurance doesn’t pay-out if you pass away.

The policy details will provide you with what is covered and what’s not to make you fully aware and check all documentation to make sure they protect your needs.

Other types of insurance you might need 

Many insurance products can provide you with peace of mind should something go wrong. You can find out more in the links below: 

???? Do you need life insurance? This product will provide some financial support to your dependents if you die. 

???? Do you need income protection insurance? This type of insurance provides regular payments if you’re unable to work due to illness or injury. 

???? Do you need mortgage protection insurance? This umbrella term is used for various types of cover to help protect borrowers from any unfortunate events or circumstances that would prevent them from keeping up their mortgage payments. 

Our Critical Illness Insurance Advice service in Leicester 

Insurance is always a massive benefit. All our customers are offered a free, no-obligation protection review where we’ll assess the suitability of the existing policy we have for you.

Our Mortgage Advisor in Leicester can design the type of cover that will be most suitable for your family’s priorities and budget especially when affordability can be key in your situation.

How To Get a Mortgage if You’re Over 40

Specialist Mortgage Advice in Leicester

Keep in mind that the information detailed below is intended solely for reference purposes and should not be taken as any type of personal, financial or mortgage advice in Leicester.

Can I get a mortgage at 40?

The simple answer to this question is yes, there is a chance that you could get a mortgage if you are aged 40+. This does come down to your situation though.

An old survey carried out on mortgage brokers by the Nottingham Building Society found that the large selection surveyed had mentioned that they have seen an increase in mortgage applications being turned down for customers that were within this age bracket.

Furthermore, they spoke directly to these customers who were between the ages of 45 & 54 and were declined during the time period this survey was being carried out, they found that the biggest factor of this was their age.

In the article, we will look into why we feel home buyers are going through this, and the best steps you might be able to take if you would like to take out a mortgage over the age of 40.

Why are over 40s having mortgage applications denied?

To get into more depth into the position mortgage application are in, it’s key that we look back at the previous years, rewinding back before the introduction of computerised credit scoring and increase industry regulation.

In the case where you were to go and speak to someone at your local building society, looking to get a mortgage, it’s likely that you will be interviewed by the building society branch manager or one of their own in-house Mortgage Advisors in Leicester.

From this, they will have a look into all of the personal information you have provided and will see how well you manage your finances in your current account before making a decision on if you are mortgage application should be approved.

If you were lucky to be approved, you will then be able to have insight into what earners in a similar situation to you were able to borrow for a mortgage. You would be provided with this information through a multiple of your gross annual salary.

Let’s have a look at an example. If you were earning a figure of approximately £20,000 per annum and the mortgage lender’s income multiple was 3.5x, this will result in you getting a mortgage of around £70,000.

When it comes to this income multiplier, it’s best to keep in mind that it doesn’t factor in your age. Due to this, it doesn’t matter what your age actually was so whether you were 30,40 or 50, you would usually be able to borrow the same amount on a mortgage.

This seems to be quite fair actually, no signs of ageism.

On the surface, this looks to be a fair approach, however, you need to look further. In the situation where two mortgage applicants were both looking to retire at the age of 65, then one of these applicants might have a term upwards of 35 years, whereas the other may only have a 15-year term. This would result in higher monthly payments.

Utilising the previous example of a £70,000 (capital and interest) mortgage, with a national interest of 5%, it could look like this:

  • Applicant one mortgage payments on £70,000 over 35 years: £252pm approx. 
  • Applicant two mortgage payments of £70,000 over 15 years: £395pm approx. 

With this example, we have two earners that are more or less identical, with the same amount of mortgage debt, however, applicant two has a lot higher monthly mortgage payments than the other applicant.

In the event that the national interest rates drastically rose up, this would cause a much higher risk of arrears happening for an applicant with higher monthly payments. Overall, reducing the risk if the main aim in all this.

You will find that modern mortgage calculators usually factor in the maximum length you could take a mortgage term for (which is your age), along with your income and your expenditure.

Our Thoughts

Here at Leicestermoneyman, we have had the BBC get in touch with our very own ‘Moneyman’ Malcolm Davidson to get his thoughts on the Nottingham Building Society study. His opinion was not the fact that older customers are being declined, but they are restricted in the amount they can borrow and were hoping to borrow more.

The ironic point in this situation is that we are constantly reminded by our own government that we will need to work until a later age, so they can raise the retirement age for us to be able to qualify for our state pension.

It’s unfortunate that the high street lenders don’t keep this in mind when it comes to granting customers their mortgages. Let’s look further into this.

Why It’s Hard to Get A Mortgage Over 40 Years Old

First of all, there are a variety of industries in the country that involve manual labour. Generally, people who work in this type of industry will not be still working there into their seventies or beyond.

On top of this, mortgage lenders want to reduce the risk of any repossessions and arrears, as these look bad. Furthermore, the process of taking a property into possession is costly and can put a bad reputation for these mortgage lenders.

In terms of a mortgage for much older mortgage applicants, they don’t want to have to push a pensioner out of their own home due to not being able to afford their mortgage anymore.

The good news is that many mortgage lenders out there have begun to look at granting mortgages to applicants above the typical retirement age, however, the applicant will need to show that they can afford this mortgage post-retirement.

To do this, you would normally give your mortgage lender a letter from your pension provider that would evidence of what your future income is going to be. The issue with this is that even with this, your income will usually be lower at the time of retirement than it used to be.

This indicates that when you are looking at whether you can afford a mortgage or not, a mortgage lender would require you to prove that you are able to do so, even with a reduced income when you retire and beyond.

This may sound great in theory, but this doesn’t always work the best in practice. The only case it does if you are only looking to take out a smaller mortgage, at which point you probably don’t need to take out a mortgage beyond this point.

In 2011, they got rid of the default retirement age and put a rule in place that states that your employer can’t force you to retire if you do not want to.

As a result of this, there will be a number of mortgage lenders who use the state retirement age to get an estimate of when your mortgage should be repaid in full. We do find, as a Mortgage Broker in Leicester, that it’s becoming popular for customers to be allowed to self-declare their retirement age.

Customers who have a very physical job like a firefighter, or a mortgage lenders will take a plausible approach to this. For example, a customer in this type of job is aiming to retire at 72, this wouldn’t be the best or very realistic.

With The Help of a Mortgage Broker

In the past, one of our expert Mortgage Advisors in Leicester had a case where a mortgage lender agreed to make a 9-year mortgage for a 66-year old accountant who was looking to retire at the age of 75.

Obviously, this is a case that is quite out there and won’t be the case for most people, therefore, it’s no guaranteed that the same outcome will happen to you. On the other hand, this just shows how flexible some lenders can be. The main thing you should do is prove how you are able to afford a mortgage at retirement.

Nowadays, consumer protections and regulations are in place in order to protect and encourage careful lending.

Furthermore, there are also lots of different paths as you get older that allows you to protect yourself and your home. These include equity release in Leicester through taking out a lifetime mortgage, or alternatively, you can look into a retirement interest only or maybe a term interest only.

An expert and qualified Mortgage Advisor in Leicester will be able to take a look at your situation. If you are towards the qualifying ages for these mortgage types and would like to proceed, your dedicated advisor will look at your situation and start a conversation with you and your family as well as look at alternative options.

Whether you’re a first time buyer in Leicester or are thinking of moving home in Leicester, our team are available 7 days a week to book you in for a free mortgage appointment or we book online to connect you with an advisor.

To understand the features and risks of equity release in Newcastle, lifetime mortgages and later life lending, ask for a personalised illustration.

A lifetime mortgage in Newcastle may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

Mortgage Advice after Divorce / Separation in Leicester

It can be unfortunate if you decide to part ways with your partner and are experiencing divorce or separation. It can also be a stressful time. This can be even worse if you factor if you have a joint mortgage together, as well as other finances.

Below we have collated just a few of the most common questions we get asked when we deal with customers in this situation who are in need of rearranging their mortgage commitments.

Do I need to keep paying my half of the mortgage?  

Whatever situation you are going through at this time, you are still required to keep up on paying your mortgage. This is still the case if you are living somewhere else.

You do still have an agreement with your now ex-partner to take on equal responsibility of your joint mortgage. Because of this, you are both equally liable for any debts until the mortgage is paid off, regardless of your situation and whether you are living there.

In the event that you do not pay your mortgage on time, you can be at risk of causing a lot of harm to both your and your ex-partner’s credit history. This applies the same if your ex partner doesn’t pay on time, you will be affected.

This can result in the risk of your home being repossessed if you carry on failing to meet your monthly repayment date or any other debts that you have secured on it.

When should I inform my lender?  

When your separation is finalised, you must contact your lender as soon as possible to let them know. This is even more important if you will struggle to meet your monthly mortgage payments.

What are my options? 

1. Sell The Property

In the situation where both of you have decided to move out of the property, sell up and pay off your remaining mortgage balance, any equity left over will be given between you both.

It is something to discuss between you and your ex-partner on who gets what from that remaining equity.

Here at Leicestermoneyman, we have a team of expert Mortgage Advisors in Leicester who can help if you are looking to move out and are looking at your option for purchasing a new home under a sole name.

Your dedicated advisor will work hard to find you the most suitable mortgage deal for your situation as well as provide you with the appropriate Mortgage Advice in Leicester.

2. Continue to Make Those Payments

In the case where a homeowner has separated from their now ex-partner but is on good terms with them, they sometimes opt for staying within the property and will carry on paying off the remaining mortgage amount.

As long as it works with your personal situation, this can be a convenient route to take, especially for those with a fixed rate mortgage term.

3. Stay in The Property 

Taking a Remortgage in Leicester out in either your own name or your ex-partners can be helpful if you or your partner decides to remain to live in the property.

Being the sole owner of the property means you will need to take out a Remortgage if there is a still an outstanding mortgage to pay off in both you and your ex-partners names.

This will work by the new mortgage being in your sole name and will involve the lender carrying out another assessment of your affordability.

Can I get a second mortgage?

It can be possible for someone to have more than one mortgage, however, this all comes down to circumstance. You will find that credit scoring systems can majorly vary from lender to lender. Applying for a second mortgage would mean you will be analysed on a number of factors.

Looking at your current financial commitments is one of the main factors they will look at. This is why you need to be confident that you can afford a second mortgage along with the financial commitments you have.

You need to be certain about being able to afford a second mortgage because being declined for this could have a negative impact on your credit file.

Here at Leicestermoneyman, we have an expert team of Mortgage Advisors in Leicester who are able to help you out with credit searches that will have less of an effect on your credit file.

When our team has collated the necessary information, you will be able to get an idea of the maximum mortgage amount you could borrow.

By doing this, you will be able to know more about your budget and an estimate of the amount your monthly mortgage payments will be along with your current financial commitments.

Getting away from your current financial commitments can be a tough process which is why having a trusted Mortgage Advisor in Leicester by your side is beneficial as they will be able to provide a helping hand throughout the process.

If you are Moving Home in Leicester, you may find the experience stressful, especially those going through a divorce or separation. Contact a Mortgage Advisor in Leicester today and our team will be more than happy to see how they can help.

What if I am in negative equity? 

When you get divorced in the home that both own jointly is in negative equity, it can be challenging to sell the house and pay the remaining mortgage balance off.

In terms of the remaining debt, you may need to divide this between the two of you or come to an agreement with your current mortgage provider.

Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2023 Leicestermoneyman

Leicestermoneyman – 3 Oswin Road, Leicester, LE3 1HR

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