The Definitive Guide to Mortgages for NHS Staff

The Ultimate guide to Mortgages for NHS Staff – All You need to know!

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How To Get Mortgages For NHS Staff

Whilst there are not specific mortgages for NHS Staff, you may get mortgages that are more suitable.

Some lenders have mortgages for professionals that may have better criteria for NHS staff or let you borrow more. However, when we talk about mortgages for NHS this isn’t generally what we mean.

When we talk about an NHS mortgage we usually mean a mortgage that is packaged in the best way for NHS Staff. As a worker in the NHS you are most likely aware that your pay can be complicated. There are often lines and lines of different aspects of your pay that some lenders may take and others might not.

As an NHS Mortgage broker it is important that we put your application with the right lender to suit your situation, and package your application for the best chance of success.

Do NHS Staff Get Mortgage Discounts?

NHS staff may have access to specialist mortgage products that are not available to others. This may come in the form of professional mortgage products or specialist key worker mortgages.

However, for the most part NHS staff do not really get any form of discount on their mortgage. Generally when we talk about an NHS mortgage it is down to them offering specialist criteria rather than offering any form of discount to NHS Staff.

Who Counts As NHS Workers?

When we say mortgages for NHS staff we instantly think Doctors, Nurses, Surgeons etc. However, there are lots of occupations that will fall into NHS Workers. Basically if you work in one of the following you will likely be eligible for mortgages for NHS Staff.

A GP Surgery
An NHS Trust
NHS Dental Surgery

What Types Of Mortgages For NHS Staff Are There?

Fixed Rate Mortgages for NHS Staff

These are generally the most common type of mortgage. They offer a fixed rate of interest for a set amount of time. This therefore means that the monthly payment remains the same for that set period of time.

Most of our clients like this as it means that they can plan their outgoings. The main drawback to this type of mortgage would be the early repayment charges usually associated with them. These early repayment charges are often payable if you try to change or redeem the mortgage during the initial period.

Variable Rate Mortgages

This covers lots of types of mortgages for NHS staff. However, they generally have the same basic key points. They will vary over time. This means that your monthly payments may go up or down depending on either the lenders standard variable rate or the Bank of England base rate.

The main benefit of this type of mortgage is that they often do not have any early repayment charges, making them more flexible.

What Schemes Are Available For Mortgages For NHS Staff?

Shared Ownership Scheme – This scheme allows you to part rent and part buy your home. This means that you can get on the property ladder with either a lower deposit or on a lower income. This can be perfect for Newly Qualified NHS Staff, or training NHS staff whose income will likely increase over time.
Government Help To Buy Scheme – The Government Help To Buy Scheme offers an equity loan up to 20% of the eligible new build property value. This therefore means that you can put down a 5% and get a 75% mortgage and therefore usually secure a better rate of interest. This can be great for First time buyers, and with the natural progression of income for NHS Staff it may make increasing your mortgage to repay the help to buy loan a few years later easier.
Key Worker First Homes Scheme – This scheme will be the perfect scheme for NHS staff who are practically all considered Key Workers. Unfortunately the scheme has not been released yet. What we do know: The first homes scheme will offer a minimum 30% discount on an eligible new build property for Key workers and first time buyers.

Can I Get Mortgages For NHS Staff With Bad Credit?

Yes you absolutely can get mortgage for NHS staff with bad credit! We specialise in all NHS mortgages and sometimes you may find yourself in a situation where you have bad credit in the past.

Getting a mortgage with bad credit may be a challenge but is absolutely possible depending on the severity and how long ago it was.

If you are concerned speak to one of our specialist mortgage advisors to find out how we can help.