The team at Alexander Southwell Mortgages can source mortgages for NHS nurses who are banded from Grade 5, who are newly qualified and who have been in the job for only a short time.
Whether you are a newly qualified nurse, then you may only have one payslip showing your new income, which can make getting a mortgage tricky if you don’t talk to an expert advisor who specialises in mortgages for nurses.
Typically, if you are looking at buying a house at the upper end of your budget, then you need a mortgage lender who understands the additional income you gain from working unsociable hours and overtime.
Eligibility and Challenges
Can Nurses Get a Mortgage?
Nurses can indeed get a mortgage, but they may face unique challenges due to their income arrangements and employment status. Mainstream mortgage providers often do not consider the nuances of nurses’ income, such as overtime, shift differentials, and agency work, making it difficult for them to secure a mortgage. However, this is where a specialist mortgage broker can make a significant difference.
To be eligible for a mortgage, nurses typically need to meet the lender’s criteria, which may include:
- A minimum income requirement
- A stable employment history
- A good credit history
- A sufficient deposit
Nurses who are newly qualified, work part-time, or have variable income may face additional challenges when applying for a mortgage. These challenges can be daunting, but with the help of a specialist mortgage broker, nurses can navigate the complexities and increase their chances of securing a mortgage. A specialist mortgage broker understands the unique financial situations of nurses and can connect them with mortgage lenders who offer products tailored to their needs.
FEE FREE Mortgages For Nurses
We offer FEE FREE mortgage advice** and support** via phone, WhatsApp, FaceTime and Skype. We understand your working hours may be antisocial. WhatsApp us OR email us any time of day and we will arrange a call with an advisor that fits within your schedule including Saturday & Sunday early and late. We will try and not put any barriers in the way of you getting a mortgage as a nurse.
Additionally, there are specific key worker mortgage schemes designed to provide affordable housing options for nurses and other key workers. Although the ‘Key Worker Living Programme’ has been discontinued, there are alternative schemes available to support this group.
Bank Nurses
AS Mortgages are experienced in sourcing mortgages for bank nurses. With access to specialist lenders who understand the financial implications of being a bank nurse, we provide them with an overview of your employment history so that they can make a fair appraisal of your finances.
We can access lenders that will use 100% of your agency income, get you a mortgage of up to 90% loan-to-value – provided you can show a consistent track record. Every bank nurse mortgage application we process is assessed and underwritten on an individual basis.
Matron Nurse
At AS Mortgages we will source mortgages using 100% of your banding, even if you are on a rolling six-month contract.
Whether you are buying your first home, purchasing an investment property for yourself or your children, we will open the door to a host of exclusive lenders and help you get the right mortgage for whatever stage of your career you are at.
With more and more NHS Professionals turning to private practice as their main income stream, becoming self-employed is a whole different ball game when it comes to getting a single or joint mortgage because the lending criteria and checks will be different.
Not only do we secure mortgage deals for nurses – but other medical professionals such as Occupational Health Therapists, Operating Department Practitioners, Radiographers, Physiotherapists and Podiatrists.
If you are looking to purchase a property, buy to let or remortgage we can advise you a range of competitive mortgage rates based on your individual circumstances.
Associate Medical Practitioners
If you have struggled to get a mortgage as an Associate Practitioner, we can help you get a mortgage in the current market. We have access to lenders who understand your profession, and some will even lend if you can provide a contract offer letter.
Medical practitioners who are self-employed position or work as a private healthcare professional. It is possible that income paid in a way that is tax efficient may make it difficult to provide a true reflection of your earnings.
A specialist mortgage advisor can be crucial in navigating these challenges. They understand the unique financial situations of nurses and healthcare professionals, such as non-standard income and various benefits, and can help secure the best mortgage deals.
We work with lenders to present your case in such a way that your full earnings are taken into account.
If you are looking to get your foot on the property ladder, remortgage to consolidate debt from training or travelling, buy to let mortgages or let to buy, we can let you know exactly how much you can borrow, what loan to value(ltv) we need to get to and advise you a range of competitive mortgage rates based on your individual criteria.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Government schemes for Nurses
You might be able to use a government scheme to help with the whole process this could enable you to get a mortgage for a discounted property or by increasing your mortgage deposit. Please find these schemes below:
- Help to buy equity loan: Gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter. PLEASE NOTE: The help to buy equity loan scheme is ending on 31/10/2022
- Shared ownership: You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Rent to buy: This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used.
- Right to buy: Allows you to buy your council home at a discount price.
Mortgages for Nurses with Bad Credit
Nurses with bad credit may face difficulties when applying for a mortgage, but it’s not impossible to secure one. Specialist mortgage brokers can assist nurses with bad credit by finding mortgage lenders that cater to their specific needs. These brokers have access to a range of mortgage deals that might not be available through mainstream lenders.
There are several options available for nurses with bad credit, including:
- Bad credit mortgages: These are specifically designed for individuals with bad credit. While they may come with higher interest rates and stricter lending criteria, they provide an opportunity for those with poor credit histories to secure a mortgage.
- Subprime mortgages: These are another option for individuals with poor credit history. They often have higher interest rates and fees but can be a viable solution for those struggling to get approved by traditional lenders.
- Guarantor mortgages: These require a guarantor, typically a family member or friend, to guarantee the mortgage payments. This can provide additional security for the lender and increase the chances of approval.
Nurses with bad credit should work closely with a specialist mortgage broker to explore the best mortgage options available to them. Additionally, taking steps to improve their credit history, such as paying off debts and making timely payments, can enhance their chances of securing a favorable mortgage deal.
Student Nurse Mortgages
Student nurses face unique challenges when it comes to securing a mortgage. Their income may be limited or variable, and they might not have a long employment history. However, with the right guidance and support, it is possible for student nurses to get on the property ladder.
Specialist mortgage brokers play a crucial role in helping student nurses find suitable mortgage products. These brokers understand the financial constraints and employment conditions of student nurses and can connect them with lenders who offer flexible mortgage deals.
To improve their chances of securing a mortgage, student nurses should:
- Build a good credit history: Making timely payments on any existing debts and managing finances responsibly can positively impact credit scores.
- Save for a deposit: Having a sufficient deposit can make a significant difference in mortgage approval and the terms offered.
- Seek professional advice: Consulting with a specialist mortgage broker can provide valuable insights and access to mortgage deals tailored to their specific needs.
By taking these steps and working with an experienced mortgage broker, student nurses can navigate the mortgage application process more effectively and increase their chances of securing a mortgage that suits their circumstances.
Questions & Answers For: Mortgages For Nurses
I receive both employed and self employed nurse income, will I be able to use both streams of income to get a mortgage?
There are several mortgage lenders that will consider both forms of income but the documentation will be more complicated and thorough. Some lenders will also only take a percentage of the second income so it is always worth speaking to us and will be able to advice you on how to move forward.
Will my nursing student loan affect my mortgage?
Mortgage lenders will need to check your level of debt and also your repayment history but this is the same for everybody(not just nurses). If the mortgage lenders consider your debt as quite high, this can be a problem but specialist mortgage lenders are familiar with the situation so this shouldn’t be a major cause for concern.
How do Lenders work out how much I can borrow against a mortgage as a nurse?
Banks and building societies use a mortgage affordability calculator to work out how much you can borrow. Every lender has the own way of calculating what income they will accept and how much they will lend, with over a hundred different lenders this can seem a little overwhelming however a mortgage broker will have access to compare an extensive panel of lenders for you.
When should I get an agreement in principle?
We would highly recommend putting an agreement in principle in place before viewing and offering on a property. This is not a long process assuming you are prepared with the information the mortgage advisor will ask. Once we have all of the information needed, we will recommend which bank or building society is most suited to yourself and who is most likely to be able to take you all the way through to getting your mortgage offer.
Do Nurses or NHS staff get specific discounts to help get a mortgage?
There have been previous schemes where it was possible to get discounts for NHS staff & nurses but unfortunately at the moment there are none. Some NHS workers may be counted as key workers for the purposes of housing schemes, particularly if they earn an income below a certain threshold but generally the products available will be the generic products available to the open market.
What help can I get as a Nurse & why would I use a mortgage broker?
Finding the right mortgage deal isn’t always the easiest task, particularly when you’re working in a demanding nursing job role. Fortunately, help is available.
AS Mortgages are able to offer advice on deals from an extensive panel of lenders, we can help you to determine which mortgage provider is right for your needs, and personal circumstances as a nurse. And as well as offering a tailored mortgage solution, our professional mortgage advisers can assist throughout the application process.
The Alexander Southwell Mortgages appreciates the hard work and dedication offered by every member of the NHS, we offer fee-free mortgage advice to help get you on the property ladder. We help many different types of key worker occupations like, foster carers, teachers and people in the armed forces.
Our mortgage broker services don’t stop there…
Alexander Southwell understands that the mortgage application and discussing your mortgage options is just one aspect of buying or remortgaging a property.
We can advise and arrange Life Insurance, Critical Illness Cover or Income Protection, again offering the right deal available to you.
