It is always wise to you that the professional services of a mortgage broker like ourselves who are familiar with the best mortgage lenders to use for NHS mortgage professionals. A wide range of healthcare professionals can benefit from expert mortgage support, including:
- Registered Nurses
- Nurse Practitioners
- Midwives
- Healthcare Assistants
- Mental Health Nurses
Nurses Mortgages: Is it difficult to get a mortgage as a nurse?
Nurses often have unique working arrangements that may not align with traditional mortgage lending criteria. Common issues faced by nurses when applying for a mortgage include:
- Shift work and overtime: Nurses often work irregular hours and earn additional income through overtime. This can make their income unpredictable and challenging for lenders to assess. Applying with either high street or specialist lenders, who understand nursing income can significantly improve your chances of securing a mortgage.
- Short-term and agency contracts: Many nurses work on short-term or agency contracts, providing flexibility but potentially causing issues for mortgage applications. Mortgage lenders prefer applicants with job security and stability. However, a suitable lender may overlook this if the rest of your application meets their criteria.
- Part-time employment: Some nurses work part-time, which can result in lower overall income. This may affect the amount a lender is willing to approve for a mortgage. It’s essential to work with a mortgage broker who understands the unique circumstances of nursing professionals and can help find a suitable lender.
Are there specific mortgage lenders for nurses?
There are no specific mortgage lenders for nurses but choosing the best one is based on individual circumstances and preferences. However, some lenders are known for being more accommodating to healthcare professionals, including nurses. These lenders often have a better understanding of the unique income structures and professional circumstances nurses may face. Some of these lenders include:
- Halifax
- Scottish Widows Bank
- Furness Building Society
- Saffron Building Society
- Kensington Mortgages
It’s important to note that the most suitable lender for a nurse may depend on their specific financial situation, employment status, and mortgage requirements. Working with an experienced mortgage advisor who specialises in mortgages for healthcare professionals can help nurses find the best lender and mortgage product for their needs.
Nurse Mortgage Affordability: What Can You Borrow?
Affordability for nurses is assessed similarly to other professions. Lenders typically examine your annual earnings and multiply them by 4 or 4.5 times for a rough figure. In exceptional cases, a higher multiple may be considered. They’ll then evaluate your regular spending and examine any excessive debt or financial commitments to determine the final figure.
Utilise our Mortgage Affordability Calculator below to estimate how much you could borrow based on standard income multiples.
For a more detailed and personalised mortgage affordability, use our Mortgage Affordability Calculator here >
Mortgage Affordability Calculator
Discover your potential borrowing capacity with our calculator. Enter your total household income, and our calculator will handle the rest.
As April 2023, the average nursing salary is between £34,000, which would result in a mortgage of £136,000 if multiplied by 4. However, nursing positions within the NHS span bands 5 to 8, each with different salary ranges.
The table below displays the median salary for each pay band and the corresponding mortgage sizes when multiplied.
| Band | Median Salary | 4 times | 4.5 times | 5 times | 5.5 times | 6 times |
|---|---|---|---|---|---|---|
| Band 5 | £29,994 | £119,975 | £134,973 | £149,970 | £164,967 | £179,964 |
| Band 6 | £54,000 | £216,000 | £243,000 | £270,000 | £297,000 | £324,000 |
| Band 7 | £65,495 | £261,980 | £294,728 | £327,475 | £360,223 | £392,970 |
| Band 8 | £70,156 | £280,624 | £315,702 | £350,780 | £385,858 | £420,936 |
Do nurses get cheaper mortgages?
While nurses don’t automatically qualify for cheaper mortgages based on their profession, there are ways for them to save on mortgages and housing. Like everyone, nurses must meet lenders’ criteria, and interest rates are determined by their perceived reliability. However, certain lenders are more flexible with nurses.
- Some housing developers offer key worker discounts and incentives. For instance, Persimmon Homes provide a £500 discount per £25,000 spent on their new-build homes for active key workers like nurses with a current NHS contract.
- The UK Government’s First Home scheme also supports nurses by offering 30-50% discounts on specific new builds if their income is below £80,000 (or £90,000 in London). Other government schemes without nurse-specific discounts, such as Right to Buy and Shared Ownership, might still be accessible.
- Its worth noting that the old Key Worker mortgage scheme for nurses and the help to buy equity loan scheme ended on 31st October 2022.
For current deals and mortgage discounts, consult a broker specialising in mortgages for nurses.
Helping obtain mortgages for nurses
YesCanDo Money solves these challenges by taking a wholly bespoke approach to the mortgage application process. Having secured mortgages for thousands of nurses and healthcare professionals over the last 30 years, we’ll work closely with you to understand your unique circumstances when it comes to securing a mortgage.
As a nurse, you work hard every day to care for others, so when it comes to securing a mortgage, you deserve the best deal possible without added stress. That’s where a broker can step in and make a real difference.
Instead of spending your valuable time searching for the right lender, a specialist mortgage advisor can do the legwork for you. They’ll take the time to review your finances and factor in any nursing benefits that could improve your chances of getting the best deal. They’ll also work with you to ensure your overtime pay and bank work are included in the application, helping you to present yourself as a reliable borrower.
With their experience and industry connections, a broker can recommend a mortgage lender who understands the unique needs of nurses and currently has the most flexible terms and competitive rates available. With a broker on your side, you can feel confident and supported throughout the mortgage process.
We search the whole mortgage market
We’ll search the whole mortgage market to identify the most suitable and cost-effective mortgage possible, ensuring you secure the house of your dreams. We’ll also take care of all the paperwork and solicitor liaison for you, leaving you free to focus on the move itself.
Helpful Communication
At YesCanDo, we recognise that nurses often balance long and irregular hours, which can make traditional communication methods a challenge. That’s why we’ve chosen WhatsApp as a friendly platform for busy medical professionals like you. With WhatsApp, you can effortlessly get in touch with us during late shifts or whenever you catch a break. This flexible approach allows for smooth communication, ensuring we’re always available to answer your questions or address any concerns.
By embracing WhatsApp, we adapt to your unique schedule, making the mortgage application process more efficient and worry-free for our dedicated nursing professionals. We’re here to support you, no matter when you need us!
Mortgages for newly qualified nurses
If you are a newly qualified nurse or will be moving into your first post within the next six months, we will be able to help you find the mortgage lenders who will be likely to approve your lending without the usual three months employment records.
Mortgages for agency and bank nurses
Agency nurses and bank nurses may face challenges when applying for mortgages due to their fluctuating income and short-term contracts. However, we are able to provide the right advice in finding a mortgage that will take an average of your earnings over a broader period to provide the best results. We are here to help you get on the property ladder or remortgage to a new deal.
Specialist Mortgage Broker for Healthcare Professionals
Speaking with advisors experienced in mortgages for medical professionals is essential, as it can save you time and effort explaining your employment and income as a nurse. The nursing profession is often complex, and the flexible nature of nurses’ work can make it challenging to present your income to lenders.
Our advisors, who understand mortgages for nurses and medical professionals, can effectively showcase your income to lenders. This can significantly enhance the quality of mortgage deals you’re offered and improve your chances of securing a mortgage tailored to your unique circumstances.
If you are a dental nurse, read our page on Mortgages for Dentists.
Obtain Your Nurse’s Mortgage Today With YesCanDo Money
We are a specialist mortgage broker and have arranged thousands of mortgages for nurses and healthcare professionals. YesCanDo Money is a whole of market broker, which means we will be able to get you the mortgage with the best rate. We are also a NO FEE mortgage broker, so using us will not cost you a penny! Once you experience our highly-rated service, you will be a client for life!
FAQs
Can a nurse get a mortgage UK?
Absolutely! Nurses in the UK can obtain mortgages, just like any other profession. The key is to work with a mortgage adviser who understands the unique income structures and working conditions of nurses. They can help you find a suitable lender and mortgage product tailored to your needs.
How much can a nurse borrow mortgage?
Lenders typically multiply your annual earnings by 4 or 4.5 times to estimate your borrowing limit. Your specific amount may vary depending on your income, employment status, and lender's criteria. Consult a mortgage adviser to determine your precise borrowing capacity.
Do nurses get help with mortgages UK?
While nurses don't receive exclusive mortgage deals, they can benefit from schemes like the UK Government's First Home scheme or housing developers' key worker discounts. Additionally, some lenders are more flexible with nurses due to their stable employment. A mortgage advisor specialising in medical professionals can help you find suitable deals.
Do NHS staff get better mortgage rates?
NHS staff don't automatically receive better mortgage rates based on their profession. However, most lenders are more understanding of their unique circumstances, which may result in more favourable terms. Working with an experienced mortgage advisor can help NHS staff find the best rates for their individual situations.
