Many will have already secured their first teaching post whilst others will still be applying to schools. But, with some experts warning that the UK’s shortage of qualified teachers is heading towards a crisis*, there’s little doubt that these newly-qualified graduates are highly employable.
One of the issues NQTs can face is how to get a mortgage when the vast majority are placed on a fixed-term contract for at least the first year.
That NQT year is riddled with daunting prospects and new challenges; from getting to grips with a new school policy to juggling a whole host of financial commitments, NQTs have a lot to contend with. They also often relocate to take up their first post, so are very likely to be looking for a property to buy or rent this summer.
Intermediaries seeking new clients and business streams could benefit from targeting NQTs. In our experience, teachers take a prudent, slightly cautious approach to their finances and value professional advice. Why not approach nearby schools and offer to hold a mortgage clinic for staff? A range of resources are available on our intermediary website (teachersbs.co.uk/intermediary) from editable school clinic posters to sample letters.
Our aim is to assist teachers and other education professionals by enabling them to get a foot onto the property ladder when other lenders might not.
We offer a 95% LTV mortgage direct-only to NQTs and have lowered the minimum income requirement to £13,000, making our products accessible to part-time teachers and teaching assistants.
Furthermore, we will consider applications from NQTs before their first teaching post and, subject to confirmation of their contract of employment, can release the mortgage funds up to one month before they start.
Our friendly intermediary support team is here to help every step of the way. So, if you have any questions about our products or just want some information, please don’t hesitate to give us a call.
Colin Dorman, national account manager, Teachers Building Society