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Specialist Guide to Mortgages for Nurses

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Ask YesCanDo Money for Nurse Mortgage Advice

If you are reading this it is likely that you are a nurse who works for the National Health Service. In this guide, we take a look at the positive side of being a nurse when getting a mortgage and we will cover a few other facts that could affect you getting a mortgage.

Is it difficult to get a mortgage as a nurse?

The straightforward answer is that nurse mortgages are NOT difficult to get.  Mortgage lenders have a great understanding of the enhancements and shifts nurses work and will take these into consideration when offering a mortgage.

Buying a house

When you are about to buy a house as a nurse it’s always advisable to get your finances in order and this includes your pay from the National Health Service. In this guide, we will highlight and advise you on a few things that need to be in order before you start looking for a home.

Check your nurse payslips

When you apply for a mortgage every bank and building society will want to see your last 3 months payslips. Now is the time to check that everything is correct. Although the NHS is an amazing service, as an employer they have been known to be a little slow at reflecting your latest pay grade, shift allowances and overtime.

Make sure your address is correct. If the address on your payslip has an error this will cause you problems. The NHS is known for taking time to change addresses on payslips and it is very important that it matches the exact address you are living at currently.

How do lenders work out how much I can borrow as a nurse?

Banks and building societies use a mortgage affordability calculator to work out how much you can borrow. It can get a little confusing as each lender uses their own mortgage affordability calculator to work out what size mortgage you can have. With over a hundred different lenders this can seem a little overwhelming however a mortgage broker will have access to these and will be able to compare the whole mortgage market for you.

Will the lenders take my nights, shift allowances and overtime into consideration?

When you apply for a mortgage each lender will look at your last 3 months payslips when taking any night shifts and overtime into consideration. The main thing they are looking for is consistency across the 3 months. If the different allowances are consistent across the 3 payslips there is a good chance they will all be taken into consideration. As the different allowances can make up a significant part of a nurse’s pay, it is often the case that you will need these to be used to enable you to get the mortgage amount you will need.

The good news is that all banks and building societies have arranged thousands of mortgages for nurses and NHS employees and therefore no explanation of the different allowances will be needed.

I have both employed and self-employed nurse income. Will I be able to use both?

There are a handful of lenders that will consider both employed and self-employed income when working out how much they will lend you. It is slightly more complicated though, therefore it is best to speak to a mortgage broker who will be able to advise you.

Will income from bank and nurse agency work be taken into consideration?

Each lender will take a slightly different stance on this however if all three months are consistent there are lenders that will take all income from bank and agency work into consideration. This means that you may be eligible for a larger mortgage if needed.

nurse mortgages and advice
Talk to the team at YesCanDo Money for advice getting a mortgage as a nurse.

Get a mortgage decision in principle

To have the certainty of knowing you can get a mortgage and to know how much you can borrow it might be worth having a mortgage decision in principle in place.

You can go to any mortgage lender and ask for a mortgage decision in principle however it makes sense to choose who you go to carefully. It is important that you get a mortgage lender that will lend you what you need. The easiest way to make sure you get this right is to contact an independent mortgage broker near Portsmouth. The mortgage broker will have a meeting with you to advise which bank or building society will suit your requirements best.

The mortgage broker will ask some questions that the different lenders will want to know, for example, what your earnings are and what debts do you have.

Nurse discounted mortgages and NHS discounts

A question often asked is “can I get a discount because I work for the NHS?” The straightforward answer is unfortunately not. Many, many years ago it was possible to get discounts for NHS staff. However today there is not one bank or building society that is offering any type of mortgage discount for NHS staff.

There is one positive angle that can be taken from this guide, which is that banks and building societies really do understand the way nurses and NHS staff are paid. This comes into its own when overtime and enhancements need to be taken into account to get the mortgage amount required.

Why you should use a whole-of-market mortgage broker

Being a nurse, it is essential that you compare the whole mortgage market to see how much each bank and building society will be willing to lend you. You will find there will be a greater variation in the amount you will be able to borrow compared to most other professions.

Meeting with a mortgage broker will help you identify what value property you can afford to buy, and they will find you the very best rates and deals. If you are a first-time buyer there are a lot of incentives offered by the different banks and building societies such as FREE valuation surveys, no arrangement fees and cash backs.

How much will a mortgage broker cost me?

Although some mortgage brokers charge for their services there is such a thing as a NO FEE mortgage broker. These brokers get paid by the different lenders and do not make any additional charges. Google ‘Whole of market NO FEE mortgage broker’ and you will get a list of mortgage brokers local to you that do not charge.

As YesCanDo Money for Nurse Mortgage Advice

Alternatively call, email or WhatsApp us at YesCanDo Money. We have arranged thousands of mortgages for nurses, student nurses, agency nurses, NHS bank staff, radiographers, doctors, and other health professionals. YesCanDo Money are whole of market which means we will be able to get you the largest mortgage with the best rate. We are also a NO FEE mortgage broker so using us will not cost you a penny!

Related Mortgages for Nurses Questions:

Do nurses get special mortgages?

Unfortunately, Nurses do not get a special mortgage. However, do not feel left out as nor do any other professions! Saying this, although Nurses do not get any special mortgages they do get treated specially by the different banks and building societies. When we say special we mean that the bank and building societies are aware of how complicated a Nurses pay can be and they will bend over backward to use every element of overtime, nights and shift allowances when deciding on how much you can borrow.

Can a newly qualified nurse get a mortgage?

A newly qualified nurse can get a mortgage as soon as they start. One of the benefits of the nursing profession is that all banks and building societies love and also understand the healthcare profession. With there being 320,000 nurses and midwives employed by the National Health Service they are keen to help them get on the property ladder as soon as they are qualified.

Can agency nurses get a mortgage?

Agency workers can get mortgages very easily. It is very common for nurses employed full time by the NHS at some time in their career to work for an agency. All lenders will ask to see the latest 3 months payslips. It is very important that these payslips are constant over the 3 months if you want all the income taken into consideration. This can be a complex area, however our team at YesCanDo has access to all the banks and building societies mortgage affordability calculators to see what size mortgage you can achieve.

Can a nurse buy a house?

A nurse can buy a home! The nursing profession is very respected by all banks and building societies and because of there being over 320,000 nurses and midwives employed by the NHS they understand the profession really well. Let’s face it, a nurses payslip is not the easiest payslip to understand. Having lots of elements to the nurses’ payslip like overtime, nights and shift allowances the lenders very use to the nursing profession and will take all these into consideration when deciding if a nurse can buy a house.

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YesCanDo Money are a local Independent Mortgage Advisor based in Havant. We get to know you and your personal circumstances so that we can provide you with sound financial solutions for your mortgage, life cover wills and everything financial in between.

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