The Definitive Guide to Mortgages For Nurses

Everything you need to know about Mortgages for Nurses.

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Do nurses get special mortgages?

Whilst Nurses don’t really get specific special mortgages there are certainly products and schemes that may benefit them. When we talk about mortgages for NHS employees we are generally talking about the way a mortgage broker packages your application.

When applying for a mortgage, having your application packaged correctly can make all the difference.

Can a nurse afford a house?

Nurse income is often complicated. Some lenders may not always understand the various elements of the way a healthcare professional is paid. Medical professionals often have more than just basic salary and their income may have various elements that need to be considered.

Getting a mortgage as a nurse

When getting a mortgage as a Nurse you may have complicated payslips, you may work as a Bank Nurse as well as your main NHS position.

There can be a lot of factors going on with getting mortgages for nurses. We tailor bespoke mortgage advice to suit your needs. This includes packaging your case with the correct lender, in the best way possible to help you buy a home.

Can I get a Newly Qualified Nurse Mortgage?

Getting a Newly Qualified Nurse Mortgage can sometimes be difficult. You will often have a shorter employment history due to studying previously. You may also be on a short term contract or doing Bank work.

There are usually lenders that will consider you as a Newly Qualified Nurse. However, it is usually best to speak to a specialist mortgage advisor that can help you not only find the right lender, but also package your application for the best chance of success.

Key Worker Mortgage scheme for nurses

The old Key Worker mortgage scheme for nurses ended a few years ago. Fortunately the government has recently announced a new scheme for Key Workers that will offer a minimum of a 30% discount on eligible new build properties.

The scheme was announced in early 2020 and is currently in consultation stage. We will update the page once we know more.

Are there mortgage discounts for nurses?

There are specialist lenders and products for professionals that may offer mortgage discounts for Nurses. More often than not there are standard products that will likely offer a better deal though.

Unfortunately there are not many discounts still available for NHS staff. However, the first homes scheme mentioned above will offer a discount on properties for Key Workers when it is released.

Can I get a Student Nurse Mortgage?

It is entirely possible to get a Student Nurse Mortgage. Whilst studying to become a nurse you will likely receive some form of bursary and you may get some employed income as well.

The bursary income can usually be used for affordability whilst you’re training. This is due to the fact that you will likely get a job at the end of your training.

Nurse Mortgage Calculator

At NHS Mortgage Advice we don’t have a nurse mortgage calculator. This is down to how complicated working out how much you can borrow is. So many things come into the calculations of how much you can borrow and it varies from lender to lender.

However, as a general rule you can borrow up to 5 times your income. Any debts and dependants you have may reduce this amount.

Mortgages for Nurses with bad credit

If you need mortgages for nurses with Bad credit you may have a few options. Depending on the severity of your bad credit and how long ago it was. There are lots of types of bad credit. The most common Bad credit includes:

Defaults
CCJs
Bankruptcy
IVAs
Missed Payments / Arrears

With any bad credit the longer ago it was, the better your chances. It may also be a good idea to pay off any bad credit as most lenders want to see it satisfied.

Is there a Nurse Mortgage Loan Program?

There are some products from a selection of lenders that are for professionals such as nurses. We count these as a nurse Mortgage loan program. However, They are not always the best solution for a Nurse.

We often find that whilst looking for specialist products NHS staff will overlook standard products that may be a better fit for them or offer a better deal. We always recommend speaking to a specialist mortgage advisor that will point you in the right direction.

What difficulties are there with mortgages for nurses?

The main things we see when helping with mortgages for nurses are:

Nurses with complicated income. This includes regular overtime or variable pay. We often see Night pay or overtime as well as a whole host of other variable pay types on a Nurses payslip.
Temporary/Short term or Bank work – Nurses often can find themselves on Fixed term contracts or short term/Bank staff contracts. We have helped Nurses in all these areas to get mortgages.
Nurses that are self employed or in the private industry – Not all our customers work for the NHS and we often help Nurses with complicated self employed income or that work for the private sector.

How can I get more help with mortgages for nurses?

At NHS Mortgage advice we specialise in Mortgages for nurses. Here’s how we can help you:

Packaging – Having your application not just with the right lender but packaged in the right way makes all the difference.
Exclusive deals – At NHS Mortgage advice we have access to exclusive deals that may not be available direct. This can sometimes save you money.
Saving Time – We don’t just save people money, we save them time. By taking the work off of you we make your life easier.