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Mortgages for Nurses

Unlike most other healthcare professionals who are paid similarly, nurses often fail to meet mainstream mortgage providers’ eligibility criteria. 

Several mortgage products and schemes are available for nurses in the UK, and a range of lenders will consider applications from those with irregular income arrangements despite the lack of specific nursing mortgages.

At YesCanDo, mortgages for professionals are one of our specialities, and our fee-free mortgage advisors are experts in the field. Our team knows which lenders are most suitable for professionals earning higher salaries, and they are also well-versed in complicated income structures and how to satisfy mortgage lenders.

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Is it difficult to get a mortgage as a nurse?

The simple answer is that mortgages for nurses are not difficult to obtain. Nursing enhancements and shift work are well understood by mortgage lenders, who will take these factors into account when offering a mortgage. There are around 320,000 nurses and midwives employed by the National Health Service therefore mortgage lenders are keen to help you get on the property ladder.

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:

Your 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. While the NHS offers excellent services, they have been known to be a bit slow to reflect your most recent pay grade, shift allowance, or 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.

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.

An understanding of how much you can borrow

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.

Nurse discounted mortgages and NHS discounts

One of the most common questions is, “Can I get a discount because I work for the NHS?” Unfortunately, this is not possible. The staff of the NHS used to be able to get discounts many years ago. However, today there is not one bank or building society that is offering any type of mortgage discount for NHS staff.

On a positive note, many banks and building societies truly understand the way nurses and NHS employees are compensated. A mortgage amount needs to be factored in overtime and enhancements when calculating 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 of a property you can afford to buy, and they will find you the very best rates and deals. First-time buyers can take advantage of many offers, such as FREE valuation surveys, no arrangement fees, and cash back, offered by different banks and building societies.

Ask YesCanDo Money for Nurse Mortgage Advice

If you’re looking for a mortgage for professionals then call us today or alternatively email, or WhatsApp us at YesCanDo Money. We have arranged thousands of mortgages for nurses, student nurses, agency nurses, NHS bank staff, midwives, radiographers, doctors, and other health professionals.

YesCanDo Money is ‘whole of market’ which means we will be able to get you the largest mortgage with the best rate. In addition, we are a NO-FEE mortgage broker, so you won’t pay a penny to use our services!

Related Mortgages for Nurses Questions:

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.

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.

Unfortunately, Nurses do not get a special mortgage. However, do not feel left out 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. A nursing salary can be complex, and banks and building societies will consider every aspect of overtime, nights, and shift allowances when deciding how much you may be able to borrow.

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 understand the healthcare profession. With 320,000 nurses and midwives employed by the National Health Service, they are eager to help them get on the property ladder as soon as they are qualified.

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. 

It can be a complicated area, but our team at YesCanDo has access to all the banks and building societies’ mortgage affordability calculators to find out what size mortgage you are eligible for.

Yes! A nurse can buy a home. The nursing profession is very respected by all banks and building societies and because there are over 320,000 nurses and midwives employed by the NHS they understand the profession really well. 

Let’s face it, a nurse’s payslip is not the easiest payslip to understand. Having lots of elements to the nurses’ payslip like overtime, nights, and shift allowances, the lenders are very used to the nursing profession and will take all these into consideration when deciding if a nurse can buy a house.

Get In Touch Today

If you are a nurse, doctor, midwife, or another medical professional that works for the NHS, speak to us about your mortgage. We can give you advice on your mortgage renewal and any potential mortgage holidays.

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