Everything you need to know about A Newly Qualified Nurse Mortgage.
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As a Newly qualified Nurse you may not have a long employment history. This is mostly down to being studying prior to your current position.
The good news is you can get a mortgage as a nurse with next to no employment history. This is down to being in a professional role. As early as the month before starting your first appointment as a Newly Qualified Nurse you can put in a mortgage application.
This is ideal if you are looking to move closer to your placement. Meaning you can begin the mortgage process before your start date.
As an NHS Specialist mortgage broker we have many specialist mortgage advisors for Nurses. Speaking a specialist Mortgage advisor can give you an advantage with your application. This is mostly down to how your case is packaged for the mortgage lender and exclusive deals available for professionals.
Getting bespoke mortgage advice from a specialist can greatly increase your chances of a successful mortgage application.
There are a few different types of schemes available for Newly Qualified Nurses. The most applicable key worker mortgages for newly qualified nurses will be the First Homes scheme, however, it hasn’t been released yet.
On top of the above schemes you also have mortgages for professionals which often offer more competitive criteria, higher lending amounts, more flexibility or better rates.
How quickly you can apply will vary from lender to lender. However, some will consider you before you even start as a professional. This means you can begin the process before even beginning the role.
This can be ideal if you are intending to move closer to the hospital or surgery that you are to be employed in.
Nurses do have access to special mortgages, but they may not always be the best option. Specialist mortgages for professionals tend to have one of the following:
Whilst these are all great for getting a mortgage, there is often a solution that doesn’t need a specialist mortgage product for Nurses. It’s recommended to speak with a specialist Mortgage Advisor that can go through your options with you.
NHS Staff don’t get mortgage discounts generally. It is possible you may be able to get a better rate of interest, however this is rarely that case. Generally mortgages for nurses involve better criteria rather than any form of discount.
In order to get a mortgage you will need a few documents for your lender or mortgage advisor. Generally these include:
Other documents you may need as well include:
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.
If you would like to know more about getting a Newly Qualified Nurse Mortgage you should get in touch with one of our Expert advisors that will be able to give you an idea of your options.
Our initial consultation is free and we will tell you which lender we would recommend, how much it will cost, and how much you can borrow.