Mortgages For Nurses

mortgages for nurses and advice

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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 have recently qualified as a 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.

FEE FREE Nurse Mortgage Advice

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.

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 lenders do not understand the dynamics of your earnings.

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 offer you a range of competitive mortgage rates across the whole of the market 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 any mortgage on the 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. 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 offer you a range of competitive mortgage rates based on your individual criteria.

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.
  • 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 home at a discount price.

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 these and will be able to compare the whole mortgage market for you and work out exactly what your repayments on your mortgage will be

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.

Furthermore, being able to offer ‘whole of market’ mortgage advice, AS Mortgages can help you to determine which mortgage provider best suits 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 and following COVID19 have adjusted our offer to include a FEE FREE Service, to help you get on the property ladder.

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 on Solicitors, help you understand survey reports you may have consider, provide you with background information on the property you are considering buying, and liaise with any estate agency or builder involved.

We can advise and arrange Life InsuranceCritical Illness Cover or Income Protection, again offering the best possible deal available to you.

Jamie Alexander Mortgage Broker & Advisor
Jamie Alexander
Jamie is an experienced Mortgage Advisor with a demonstrated history of working in the financial services industry. He’s skilled in Financial Services, Negotiation, Insurance, Residential Homes, and Residential Mortgages. For mortgage advice get in touch with Jamie via the website contact form.
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