Types of Mortgages for NHS Staff
NHS staff can apply for various types of mortgages, just like any other applicant. These include residential mortgages, buy-to-let mortgages, joint mortgages, and mortgage schemes such as Help to Buy and Shared Ownership. But when working for the NHS you can be considered as a professional and Mortgages for Professionals can come with benefits.
NHS Mortgage Discount
Contrary to belief, mortgage lenders do not offer NHS mortgage discounts specifically to those working for the national health service. Some lenders do offer higher rates of borrowing to NHS staff and key workers however they do not offer specific mortgage discounts and lower rates.
Our mortgage advisers have seen false information on other websites saying that lenders offer discounts to NHS staff so be wary of what you read.
Eligibility for NHS Mortgage Discounts
Mortgage benefits for NHS employees can come in other forms such as:
- Some lenders offer a higher income multiple to NHS staff meaning you can borrow more than the average person for the salary you are on.
- Some building developers offer a 5% discount to NHS workers
- Lots of mortgage brokers offer discounts to their fees and incentives to NHS staff such as vouchers.
Criteria for NHS Mortgages
NHS mortgages do not actually exist, however, certain lenders’ eligibility criteria are more suited to the pay structure of NHS staff. To qualify for an “NHS mortgage”, applicants must meet specific criteria, including contracted hours, annual salary, credit score, length of employment contracts, and their role within the NHS. Lenders will assess these factors when considering your application.
Affordability Assessment for NHS Workers
Lenders will conduct an affordability assessment, which takes into account your income and outgoings, to determine whether you can afford the monthly payments and repay the mortgage you have applied for. They will typically lend between three and five times your annual income.
Borrowing More Than Annual Salary
In some cases, lenders may consider bonuses and overtime when assessing your income, allowing you to borrow more than your annual salary. However, this depends on the lender, and your credit score can also affect the amount you can borrow.
Mortgages for New NHS Workers
Even if you have recently started working for the NHS, you could still be eligible for a higher income multiple. Most lenders will require an employment contract or proof of employment, such as payslips, as evidence. If you have a formal job offer but haven’t started work yet, some lenders may base their assessment on the terms of your employment.
If you are about to move up an NHS pay band most mortgage lenders will take this into consideration and therefore you may be able to increase the amount you can borrow.
The NHS Key Worker Mortgage Scheme
The key worker scheme, a government initiative to help NHS clinical staff secure mortgages, has been discontinued. However, alternative schemes geared towards key workers are available to assist first-time buyers and home movers.
- Help to Buy Equity Loan Scheme (now also discontinued)
- Shared Ownership Scheme
- Right to Buy Scheme
Read our guide on Key Worker Mortgage & Housing Schemes
Seeking Assistance from Mortgage Advisors
Mortgage advisors working for a mortgage broker can be invaluable resources for NHS staff seeking options on NHS mortgages. They can help you navigate the mortgage market, identify suitable lenders, and secure the best possible rates based on your unique circumstances and pay structure.
Tailoring Mortgage Applications for NHS Workers
Each mortgage applicant has a different profile, which may include factors such as credit issues, new employment with the NHS, or a low deposit. A mortgage advisor can help tailor your application to increase your chances of approval and secure the best mortgage interest rates for your situation.
Importance of Documentation
When applying for a mortgage as an NHS worker, it’s crucial to have all relevant documents ready, such as proof of income, employment contracts, and proof of your role within the NHS. This will help your mortgage adviser evaluate your eligibility and find the most suitable mortgage options for you.
Exclusive Mortgage Deals for NHS Workers
Some lenders may offer exclusive mortgage deals specifically designed for NHS staff. These deals might include lower interest rates, reduced fees, or other incentives. A mortgage advisor can help you identify and secure these exclusive deals.
Challenges for NHS Workers Seeking Mortgages
NHS staff often face unique challenges when seeking mortgages, such as irregular work hours, variable income, and job-related stress. A knowledgeable mortgage adviser can help you navigate these challenges and find a mortgages for NHS staff that fits your needs and circumstances.
Preparing for the Mortgage Application Process
Before applying for a mortgage, NHS workers should assess their financial situation, review their credit scores, and gather all necessary documentation. Doing so will make the application process smoother and increase the likelihood of securing a suitable mortgage.
How a Mortgage Broker can Help NHS Staff Find a Mortgage
NHS staff play a vital role in the UK’s healthcare system, and they deserve access to competitive mortgage options that acknowledge their invaluable contributions. By exploring the various mortgage types, discounts, and schemes available, and with the guidance of a mortgage adviser, NHS workers can secure the best mortgage deals to suit their unique needs and circumstances.
At YesCanDo Money we are a specialist mortgage broker with decades of experience giving mortgage advice and helping employees of the NHS get the very best mortgage and interest rate. Whether you are a first-time buyer who no longer wants to pay rent and wants to get on the property ladder or perhaps just looking to remortgage to a low fixed interest rate, we are on hand to help.
We understand that as an NHS employee, you will have shift work and this can make communication difficult. At YesCanDo we use WhatsApp and find this makes communication far easier for you.
Our team are experts at helping get mortgages for police, accountants, foster careers and all professionals.
NHS Mortgages: Frequently Asked Questions
Do NHS workers get a discount on mortgages?
Despite popular belief, UK NHS staff don't receive discounts on mortgages from specific lenders. Nonetheless, employees of the NHS can still enjoy certain mortgage benefits such as increased borrowing. NHS staff will also find benefits from a mortgage broker such as shopping vouchers and discounted fees.
Can I get a mortgage as NHS bank staff?
Yes, you can get a mortgage as NHS bank staff. However, you may face unique challenges due to variable income and irregular working hours. Mortgage advisors can help identify lenders who are more accommodating to these situations and assist you in securing a suitable mortgage.
Is it easier to get a mortgage if you work for the NHS?
While working for the NHS doesn't automatically make it easier to get a mortgage, some lenders may offer more favourable terms or discounts to NHS staff. Consulting a mortgage advisor can help identify suitable lenders and mortgage options that cater to the unique needs of those that work for the NHS.
