Mortgages for Social Workers

mortgages for social workers

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Specialist Mortgages for Social Workers

When looking at general key worker mortgages, social workers contracts can be as complex as any, there are a variety of ways that you can be paid and therefore can cause some difficulty when looking to borrow money for a mortgage.

Alexander Southwell Mortgages brokers understand the different types of contracts, whether you are permanently employed, short term contracted, zero hour contracted or have your own limited company working under an umbrella company. Though we cannot provide accounting advice we can guide you through the mortgage maze to help you establish if you’ll be eligible for a mortgage or not.

FEE FREE Mortgages for Social Workers

We offer FEE FREE mortgage advice and support via phone, WhatsApp, FaceTime and Skype. We understand your working hours may be anti social. 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.

Agency Social Workers

Currently there is great demand for agency work due to the increased pay, which can be an attractive prospect for social workers who want to earn more money and don’t mind the lack of security of a temporary position. This does impact mortgage applications however, as the mortgage lenders like a solid stable salary and regular sustainable income on which to base their lending decisions and affordability calculations. It makes sense that if the applicant in a temporary role could find themselves out of work at any point, the probability of them missing mortgage payments are greater.

So how do you get a mortgage?

Thankfully there are some specialist agency-friendly mortgage lenders out there for agency social workers, but they do have certain criteria you’ll need to meet in order to gain approval:

  • Must have been in the current position with the same agency for minimum of 12 months
  • Ideally have relatively clean recent credit history (avoid any late/missed payments in the last 2 years)
  • Must have minimum of 5% deposit if clean credit or 20% if adverse credit
  • Must be borrowing within 5x income if clean credit or 4x income if adverse credit

Permanent Staff – Social Worker

Anyone (not just a social worker) on a permanent, full-time contract will typically have no problem securing a mortgage. As long as you are paid the same amount every month and can provide a deposit, you are likely to be accepted by most lenders.

The one situation where this would get complicated is if you have only recently started your job. Some lenders will only consider your application if you have been in full-time employment for more than 12 months.

Others will accept applications from those who have recently started their job, even if they are still in their probationary period. And finally, some will even accept applications from those who are yet to start their new job, provided they have a written contract and a start date within the next three months.

It all depends on the individual lender, so it makes sense to get in touch with a mortgage advisor that knows their way around mortgage providers.

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.

Umbrella Company – Social Worker

If you are a Social Worker through an Umbrella Company normally the Agency you are working with referred you to this Service. This is also not as straightforward as it could be if you have a permanent contract. Again, the worry is that you may not securely be in this role and that it could end. This is very similar to having your own Limited Company or working as a Sole Trader, the lenders may also ask you to provide 3 years of accounting history. Some lenders are more flexible and may only ask for 12 months of accounts, so it’s worth shopping around – or working with a specialist broker.

Sole Trader And Limited Companies – Social Worker

In some situations, you may be able to trade as a self-employed social worker. If this is the case, you will need to follow the same rules as any other self-employed worker looking for a mortgage. You can read more about self-employed mortgages and what is required by lenders here.

Most lenders will ask to see trading history for the past 3 years and they will make a decision based on your net profit if you are a sole trader, and your salary and dividends if you are a limited company. Some lenders are more flexible than this and may only ask to see one year of accounts, or even less if you have an accountant.

Questions & Answers For : – Social Worker Mortgages

I receive both employed and self employed 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.

I have adverse credit is it still worth me applying for a mortgage?

Adverse credit or a lack of credit history is one of the main issues facing mortgage applicants when applying for a mortgage. Lenders will try to look at the whole picture, so if your poor credit score is just down to lack of credit, this is normally not an issue. However, if you have poor credit, a low deposit and irregular income, this can make it far more difficult to get accepted for a mortgage.

As mortgage brokers we will try our best to find a solution to your scenario, it is best to gather your credit file and contact us and we can take you through the process to approaching the lenders.

Will my 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 social workers). 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?

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 social workers get specific discounts to help get a mortgage?

Unfortunately the short answer is no. Some key workers have additional access to certain schemes, particularly if they earn an income below a certain threshold but generally the mortgage products available will be the generic products available to the open market.

What help can I get as a social worker & 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 job role. Fortunately, help is available.

Furthermore, being able to offer ‘whole of market’ mortgage advice, AS Mortgages can help you to determine which provider best suits your needs and personal circumstances, 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 all social workers and following COVID-19 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 also advise and arrange Life Insurance, Critical 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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