NHS Mortgages

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No matter whether you are a first time buyer, looking for a buy to let mortgage or just need some mortgage advice, this guide contains tips on how to use your position as an NHS employee to your advantage.

You need to ensure that you have planned and budgeted for the mortgage you are applying for. If you cannot afford the repayments on your mortgage you could end up with your property being repossessed. 

You must be considered a medical worker in order to access the schemes available to NHS staff. In these schemes you are typically offered lower interest rates or a lower than average deposit option.

What is an NHS Mortgage?

There are no specific mortgages for NHS staff out there but there are lenders who tailor their mortgage products towards those who are employed underneath the NHS. In order to get access to any NHS discounts you need to ensure that you are employed by the NHS or an NHS Trust Organisation, this includes:

  • NHS Direct
  • NHS GP Surgeries
  • Ambulance Trust
  • National Blood Transfusion Service

You must be considered a medical worker in order to access the schemes available to NHS staff. In these schemes you are typically offered lower interest rates or a lower than average deposit option.

What types of schemes are available to help NHS Staff?

There are no specific schemes out there for NHS staff, you can access all the same standard mortgages as everyone else. There are a number of Government schemes available if you need an extra hand with getting that mortgage.

Help to Buy

If you can provide a 5% deposit the Government will match this with a 20% deposit (in the form of an equity loan) to help gather a total of 25% of the property’s value as a deposit.

Shared Ownership

If you cannot afford to buy a whole property alone you could use the Shared Ownership Scheme in which you only partly purchase the property. You can choose between owning 25% to 75% of the property and pay rent towards the rest of the percentage you do not own.

Right to Buy

If you have lived in a housing association or council house for more than three years then you might be eligible for this scheme. You will be able to buy this property at a discounted price, the longer you pay the rent, the more the discount – in some cases.

New Buy Schemes

This new scheme allows borrowers to take out a mortgage with a 5% deposit on new build homes. It must be underneath building companies who are taking part in the scheme.

There are a number of products out there that are not authorised and regulated by the Financial Conduct Authority but they can sometimes be a good option if you have a more complex financial situation. To find a mortgage like this it is best to go through a trusted Mortgage Broker. 

How much can NHS Staff Borrow?

You can access up to five times your annual salary, this is however dependent upon your current financial situation. You must make sure you have all of your finances in check and a good credit score to access the lower rates. The Lower the LTV and bigger your deposit the more competitive rates you will unlock. 

A lender will look into your credit file and make sure that you have been keeping up with all of your monthly payments and you have no outstanding debts that would deem you a high-risk borrower.

There are lenders out there who will allow you to apply for a mortgage with bad credit but these are specialist lenders and you may need to seek the help of a Mortgage Broker in order to find one.

How do I prove my income as a Doctor?

If you are an NHS worker enrolled in the PAYE system then it is easy for mortgage lenders to look into the history of your income and the taxes you have paid. If you are a locum doctor or self-employed then you need to make sure you have the documents gathered to prove your income.

At least two years’ worth of accounts is needed by most lenders to prove your income, this will include any contracts, self-assessment forms or SA302 forms. You need to prove that you have a reliable income and that you have filed for your taxes correctly. 

How can a Mortgage Broker help?

A Mortgage Adviser will listen to what you are wanting from a mortgage and what your current financial situation is then guide you to the right mortgage products and lenders for you. They can aid you in gathering all the documents you need alongside your mortgage application.

Here at Fancy A Mortgage we are Whole of Market Mortgage Advisers and have access to products not available on the high street and exclusive deals through our Network Quilter Financial Planning Ltd. We can help you with finding the right lender as well as with your mortgage application from start to finish so get in touch today. 

Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Your home may be repossessed if you do not keep up repayments on your mortgage.