Mortgages for Teachers: How to Secure the Best Deal
Teachers play a vital role in society, yet many find securing a mortgage more challenging than expected—especially those on fixed-term contracts or newly qualified teachers (NQTs). At Quanstrom Financial, we specialise in helping teachers find the best mortgage deals with lenders who understand the teaching profession.
Can Teachers Get a Mortgage on a Fixed-Term Contract?
All teaching staff in the UK typically start their careers on a fixed-term contract, which can sometimes lead to complications when applying for a mortgage. Many high-street banks assess fixed-term teachers under their stringent contractor mortgage policies, making it harder to secure a mortgage. However, the good news is that some lenders recognise how newly qualified teachers' contracts work and classify them as permanent employees, making mortgage approval much easier.
How Lenders Assess Teachers’ Income
Different lenders have varying criteria for assessing teachers’ income. Some of the most common approaches include:
- Classifying fixed-term contracts as permanent employment, removing the restrictions of contractor mortgage policies.
- Considering supply teachers and temporary contracts on a case-by-case basis, with many lenders happy to assist where income stability can be demonstrated.
- Using 100% of additional income received through TLR (Teaching and Learning Responsibility payments) and any extra pay for roles carried out within the school.
How Quanstrom Financial Can Help
At Quanstrom Financial, we understand the unique financial challenges faced by teachers. We specialise in finding the best mortgage deals for teachers at all career stages, from NQTs to experienced teachers.
Our expert mortgage brokers will:
- Match you with teacher-friendly lenders who understand your employment type.
- Help you secure a mortgage even if you are an NQT or on a fixed-term contract.
- Ensure you get the best mortgage rates suited to your circumstances.
- Find lenders who will use 100% of TLR and additional income from other roles within the school to maximise borrowing potential.
Get in Touch Today
If you’re a teacher looking for a mortgage, don’t let contract terms hold you back. Contact Quanstrom Financial today to discuss your options and secure the best mortgage deal available!
