Who is eligible for an NHS Mortgage?  

There is no specific mortgage product called an ‘NHS Mortgage’ – instead the same mortgage products that are on the market for everyone can be accessed by NHS staff also. There is also a First Homes Scheme which launched in June 2021 – this scheme is aimed at First Time Buyers and Key Workers. 

There are specialist lenders who offer lower mortgage rates or interest rates for NHS Staff or who will understand your career a bit more. You need to ensure that you are employed underneath the NHS before you can access these specialist lenders. This means you need to work for:

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

You need to be deemed clinical staff or a medical worker in order to get access to specialist lenders too.

Am I eligible for the NHS Key Worker Mortgage Scheme?

There is no longer an ‘NHS Key Worker Mortgage Scheme, however in June 2021 the ‘First Homes Scheme’ was launched which is aimed at helping Key Workers such as NHS staff onto the property ladder and into their first home.

There are also a number of other schemes and ways to help you onto the mortgage market such as the Help to Buy Scheme or going into a property purchase with Shared Ownership.

What type of Mortgage options are available for NHS Staff? 

Typically, there are two types of mortgages, fixed rate and variable mortgages, the one you pick will be depending upon your own position. 

Fixed Rate Mortgages

Fixed Rate Mortgages give a sense of security as the rate is fixed and will not fluctuate over time. This means you have more flexibility around the rest of your outgoings as you know what the expected repayment of your mortgage is going to be.

Variable Rate Mortgages

There are different types of variable mortgages out there, lenders sometimes make up their own rates or they track the Bank of England’s Base Rate which is subject to change. Variable mortgages can come with added flexibility but that is due to the risk of your mortgage repayments changing over time.

If you miss any monthly payments on your mortgage your home may be repossessed. It is so important to ensure that you can afford a mortgage before committing to one. 

How much can NHS Staff borrow for a mortgage?

The amount that you can borrow for a mortgage is based upon your annual income and your credit history. You can access up to five times your annual salary, but you need to accompany this with a good credit score.

If you have any marks on your credit file these will be uncovered by lenders on your affordability check, so it is always worth ensuring that any debts that you owe out are settled before approaching.

As NHS staff you are more likely to get a mortgage with bad credit as your job is unlikely to change. It would be best to seek out advice from a specialist Mortgage Broker to know for certain which is going to be the right option for you.

What other schemes are there to help NHS Staff get mortgages?

The government runs a few schemes to help people get onto the mortgage market and onto the property ladder. These schemes are also open to NHS staff members and can help get a mortgage if you are struggling with accessing one. 

Please add in 

Help to Buy

If you provide the government with a 5% deposit, they will match this with an additional 20% to provide to the lender. This is the form of a low interest loan which is fixed for the first five years. 

Shared Ownership

You can go into a house under shared ownership with the lender, this is when you buy a percentage of the property and pay discounted rent on the remainder until you can pay for it all. You can now go into shared ownership with purchasing just 10% of the property in question.

Right to Buy

A housing association or council owned home is under a scheme called the Right to Buy which allows tenants who have occupied the property for three or more years to buy the house at a discounted price. You should get in touch with your housing association for more specific details.

New Buy Schemes

There are new builds which are underneath the New Buy Scheme. This is where you can buy any property under the scheme at a discounted price and at only a 5% deposit.

How can a Mortgage Broker at Spot On Mortgages help me?

Here at Spot Mortgages, we have access to the independent mortgage market meaning we can access deals that high street lenders will not be able to offer. We can tailor advice to you and your situation while hand packing lenders to suit your needs.

As NHS workers you will want to know when finding a mortgage what benefits there are when it comes to mortgages for NHS staff, we can help explore what is available to you. Get in touch with an expert Mortgage Broker today at Spot On Mortgages.

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