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First time buyer help
Arb53
Posts: 1 Newbie
Hello I am 21 years old and I start a teacher training degree (PGCE) in September 2017 of which I will complete and qualify with NQT status in July 2018. Ihave been saving for a house for a few years and I am to have around 20,000 by the time I become an NQT. 'T first question would be is it possible for an NQT to get a mortgage and if so how long do you have to be in the job for to get one?i plan on using the governments 5% sceheme on a new property for me my mum and sister currently we are struggling and having to claim housing benefit to help us get by and so I want to purchase a property as soon as I can once I qualify. I have a credit card which I pay off every month and a few bills that leave my account every month and I'm not in any debt apart from my student one. Is it likely for me to get mortgage straight away? Also is there anything else I can do in the meantime to help my chances. Thankyou for your help 
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Comments
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Presumably, you mean the HTB Equity Loan scheme on a newbuild?
There are lenders which accept your permanent contract and start date before you actually begin your new job, so you don't have to wait until you've started.
HTB mortgages are based on 4.5 x income, after things like your credit commitments, ground rent & service charges and the future cost of the HTB Equity Loan are taken into account at 3%, so an experienced newbuild broker may be of help to you in establishing the right lender and affordability.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
So if I've read that correctly, you aim to save £20k whilst claiming housing benefit to ''help you get by''?0
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Hello I am 21 years old and I start a teacher training degree (PGCE) in September 2017 of which I will complete and qualify with NQT status in July 2018. Ihave been saving for a house for a few years and I am to have around 20,000 by the time I become an NQT. 'T first question would be is it possible for an NQT to get a mortgage and if so how long do you have to be in the job for to get one?i plan on using the governments 5% sceheme on a new property for me my mum and sister currently we are struggling and having to claim housing benefit to help us get by and so I want to purchase a property as soon as I can once I qualify. I have a credit card which I pay off every month and a few bills that leave my account every month and I'm not in any debt apart from my student one. Is it likely for me to get mortgage straight away? Also is there anything else I can do in the meantime to help my chances. Thankyou for your help
Yes, spelling and punctuation.0 -
iantojones40 wrote: »So if I've read that correctly, you aim to save £20k whilst claiming housing benefit to ''help you get by''?
Usually it would be the parent claiming housing benefit rather than the whole house
I don't think anything that was said was abnormal.0 -
You have to have a job to get a mortgage. Not everyone passes the PGCE course and not everyone who does gets a job teaching. Also a teaching job could be anywhere in the country and you may not earn enough to buy a property even with 20k as a deposit.
Have you been accepted onto the course or do you think that you only have to apply to get on it? Not everyone who applies is accepted.0 -
Are you sure that you or your mum can claim housing benefit for you?0
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what sort of property prices could you be looking at?0
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Depends on whether you qualify at the end of your PGCE and also how much mortgage you may get would depend on your salary - being Primary or Secondary qualified could make a difference in salary scales, as can where you teach, for example in London or somewhere in the middle of nowhere.0
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