Nurse Mortgages

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Nurse Mortgages – special deals for nursing professionals 

Nursing is a demanding job and many mortgage providers recognise your commitment at work with discounts and deals for people in your profession. We explore how to find a suitable mortgage deal.

How do I get a Nurse’s mortgage?

The secret to getting a great mortgage deal as a nurse is to compare numerous options. Everyone’s personal situation is unique, and while mortgage lenders and brokers do offer special deals to nurses, there could be even better alternatives. 

Here at Choice Finance we will compare dozens of lenders and hundreds of products to recommend a mortgage that suits you.

What discounts are available for nurses?

The mortgage market changes all the time, and so do the deals that lenders offer to nurses and other NHS staff. The best way to check the offers available at any time is to talk to a broker – it will save you a lot of research. 

And even though a provider offers a nursing or NHS discount, it won’t necessarily mean that the mortgage they offer is right for you. It’s better to match a mortgage deal against your personal situation – for example, with a lender that accepts pay you receive for working overtime or unsociable hours as part of your regular income.

Is there a mortgage scheme for Key Workers?

The key worker scheme was a government initiative designed to support NHS staff teachers and police officers in buying a home – but this scheme is no longer operating. 

There are a number of other schemes worth looking at, however, as they could make it easier for you to buy a home. These include:

Help to Buy

The Help to Buy Equity Loan scheme allows you to buy a new build property with just 5% deposit, because the government steps in and loans you up to a further 20%. You then take out a mortgage for the rest of the value. The government loan is interest free for five years. 

Shared Ownership 

Through the Help to Buy Shared Ownership scheme, you can buy a share of your home and pay rent on the remaining share. The initial share is between 25% and 75% and you can increase your share over time.

Right to Buy 

If you live in a council property or one owned by a Housing Association, the Right to Buy scheme helps you buy the home with a discount of up to £84,200 – or £122,300 in London.

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First Home Scheme

First Homes is a new scheme designed to help local first time buyers and key workers onto the property ladder, by offering homes at a discount of 30% compared to the market price. The local authority for homes in the scheme can prioritise nurses and other key workers to benefit from these offers first.

What mortgage options are available for nurses?

Nurses are eligible for all kinds of mortgages, so it’s good to explore the options and mortgage types. Your Choice Finance Mortgage Adviser will explain the pros and cons of fixed rate and variable rate mortgages, Buy to Let or any other mortgage type that you’re interested in.

The most important consideration when securing mortgages is that the payments will be affordable to you and that you meet all the lender’s criteria – both areas that we focus on closely as part of our mortgage advice.

How much can I borrow as a nurse?

Generally lenders offer around four times your salary, although this can sometimes extend to five times. It’s important to take a measured approach – make sure that you can easily afford the repayments on your mortgage, and don’t overstretch yourself.

Can agency nurses get a mortgage?

Agency and bank nurses can and do get mortgage deals – how we approach it will be led by how you’re paid. Some mortgage lenders will only accept people on a permanent contract, but we can find more specialist lenders that recognise that agency nurses have a regular and steady income. 

If you’re Self-Employed you may need to provide recent self-assessment records to prove your income, and we do recommend that all nurses wait until they have been in their current job for at least 12 months, as this will give you a wider choice of lenders.  

How can a Mortgage Broker help?

Getting a good mortgage deal can be time consuming and complex. You need to compare rates, fees and criteria to find a deal that suits your situation. A Mortgage Broker does all this hard work for you. 

We work with many nurses and medical professionals to explore all the options and recommend a way forward. We’ll also help you with the mortgage application process and are on hand for support at every step until your mortgage completes.

So contact us today for an initial chat about how we can help.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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