The Ultimate guide to getting an NHS Mortgage.
Whilst there are not specific mortgages for NHS Staff, you may be able to get mortgages for Professionals.
Mortgages for Professionals will often lend you more, or be more flexible. This is primarily due to the steady increases in pay as you get more and more experienced.
You will also find there are Mortgage brokers that specialise in getting Mortgages for NHS Staff. There are a few, us being one of them. Having a specialist mortgage broker will ensure that your application is packaged in the best way for success. You also have the Government First Homes Scheme which was announced in 2020 that will offer a 30% discount for Key Workers, and I think we discovered recently that the NHS are certainly Key Workers.
The obvious answer is someone who works for the NHS. The more specific answer would be anyone that works in the following:
There are more, so if you think you may be entitled to an NHS Mortgage, speak to a specialist mortgage broker.
There is not a specific NHS Mortgage. However, as we mentioned, there are Professional mortgage products that may fit for people working in the NHS.
The main complication for an NHS Mortgage is your payslip. You probably know what all the different aspects of your pay mean. But a lender might not, so having a specialist mortgage broker that packaged your case correctly, to the best lender for you, will increase your chances of success.
The best mortgages for NHS staff are likely standard products open to everyone. Sometimes you may find that a Professional product may let you borrow more. But if you don’t need those higher income multiples it’s likely that a normal high street lender will be best for you.
The main thing is that your application is packaged properly so that the lender understands your job and your income.
Lenders often have criteria that you need to meet. However for the NHS you may have even more restrictions.
Your best bet is to speak to a specialist NHS Mortgage broker that can help you navigate which lender will be best for your situation.
There are lots of NHS staff mortgages out there. They basically boil down to two different types.
Fixed Rate Mortgages
Fixed rate mortgages are generally the most common. They allow you to fix the rate of interest of your mortgage for a set amount of time.
This therefore means that your mortgage payments stay the same for that same period.
The only drawback tends to be that they have fees if you want to leave during that period.
Variable Rate Mortgages
Variable rate mortgages covers lots of different types of mortgage like tracker or discount rate mortgages.
They all have one thing in common, they vary.
Your interest rate will go up and down depending on either what the lenders variable rate is doing or what the Bank of England base rate is doing.
Unlike Fixed rate mortgages often there is no penalty for leaving a variable rate mortgage.
The NHS mortgage scheme is no longer available. However, the government has announced the First Homes scheme which will offer a 30% discount on an eligible new build property if you are a Key Worker.
This will be perfect for NHS staff looking to get an NHS Mortgage
We don’t have an NHS Mortgage Calculator. This is because it is too complex for a simple calculator.
We will tell you how much you can borrow for free though. And it usually takes less than 15 minutes over the phone.
There are no special discounts for NHS workers other than the First Homes Scheme we have mentioned.
The only other specialist mortgages for NHS are the professionals mortgages from the likes of Kensington that offer higher income multiples for Professionals. We wouldn’t call these a discount though.
Generally most lenders offer up to four and a half times your income. This may vary depending on outgoings as well. Some lenders will go up to five times your income for professionals or high earners.
When it comes to how much you can borrow we recommend you speak to a Specialist Mortgage Broker that can tell you more precisely. Mortgage calculators tend to be inaccurate.
You should always speak to a specialist mortgage broker in the field you are in. Firstly they will understand your job. But they will also have probably seen your situation on a regular basis as they deal with people in the same line of work as you.