The Definitive Guide to a Newly Qualified Nurse Mortgage

Everything you need to know about A Newly Qualified Nurse Mortgage.

Can A Newly Qualified Nurse Get A Mortgage?

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.

Specialist Mortgage Advisors For Nurses

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.

Key Worker Mortgages For Newly Qualified Nurses

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.

  • Government Help to Buy Equity Loan Scheme – An incredibly popular scheme offering a 20% equity loan interest-free for 5 years. This allows you to put down a smaller deposit and get a smaller mortgage, usually meaning you can get a better interest rate.
  • Shared Ownership Scheme – Ideal for professionals starting out in their careers. As you can part buy and part rent your new home. The main advantage being the ability to buy more shares of your property over time so that you eventually own all of it as your career progresses.
  • Government First Homes Scheme – Recently announced and yet to be released. This scheme will offer a minimum 30% discount on eligible New build properties for Key Workers.

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 Can A Newly Qualified Nurse Apply For A Mortgage?

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.

Do Nurses Get Special Mortgages?

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:

  • A better rate of interest
  • More flexible criteria
  • A higher multiple of borrowing, allowing you to get a bigger mortgage

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.

Do NHS Staff Get Mortgage Discounts?

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.

What Documents Will I Need For A Newly Qualified Nurse Mortgage?

In order to get a mortgage you will need a few documents for your lender or mortgage advisor. Generally these include:

  • Bank Statements – Usually several months worth.
  • Pay slips – If you are Newly Qualified you may not have these and a contract may have to do.
  • Proof of ID and Address – You may well need to prove who you are and where you live.

Other documents you may need as well include:

  • P60 – If you worked last year you may need to provide your P60
  • Proof of a gifted deposit – If your deposit is coming from a family member you may need a signed letter stating they don’t want the money back, and possibly some of their bank statements as well.

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.

How Can I Find Out More?

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.

Got a question about A Newly Qualified Nurse Mortgage that we haven’t answered? Get in touch, we’d love to add it to our article.

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