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.

Date Last Edited: December 6, 2023