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Nurse Mortgages – some useful information
How do I get a Nurse’s mortgage?
The mortgage options available to Nurses are much the same as they are for any other mortgage applicant, although there may be certain benefits available to you through specialist independent Mortgage Lenders, particularly if you are employed by the NHS.
It’s important to speak to brokers like ourselves to ensure you’re finding the product that’s most beneficial to you.
Key Worker scheme not available? There are other options:
Whilst Nurses are welcome to apply for any mortgage, it can be difficult for many Nurses and similarly salaried NHS staff to meet the full criteria of the application process, making buying your own home more of a challenge.
The good news is, there are a number of home ownership schemes, with more attainable criteria. The following options can help Nurses who struggle to secure a Standard Residential Mortgage, onto the property ladder:
Help to Buy Scheme
First Time Buyers can borrow a government loan of upto 20% (40% in Greater London) towards a deposit on a new build home, so long as they are able to put down the initial 5% deposit. There are some disadvantages to this type of borrowing e.g. the amount owed is not fixed, the loan will become more expensive once the fixed period ends, not all lenders can offer this scheme, it’s only applicable to new builds, remortgaging can be slightly more complicated and the scheme will own equity in your house, which will increase in line with house prices, meaning you may have to pay more than you borrowed to own your home. Speak to one of our brokers to see if this scheme is right for you.
Through the Shared Ownership Scheme, it is now possible to make an initial purchase of between 10% and 75% of your chosen home. Both the deposit requirement and the repayments on your mortgage will be much lower, making securing a mortgage more achievable.
You will need to pay rent to a housing association on the remaining percentage of the home, however, you can gradually increase your ownership in increments as small as 1%, until you eventually own the property outright.
First Home Scheme
As a key worker or First time Buyer living in England, this scheme gives you a discount of between 30% and 50% on a new build home in your local authority area. There are a few criteria to meet, for example, earning less than £80,000 (£90,000 in London), but it offers promise to many in nursing or similar key working roles who are looking to buy a home.
The scheme piloted in the East Midlands in 2021, but availability of this type of discount home is expected to rise by 10,000 homes per year.
How much can I borrow as a Nurse?
The amount that you can borrow is based on affordability, so your overall income and credit score will impact the loan value, however, the fact that you earn that income as a Nurse will have no impact.
If accepted, a typical loan is three to five times your annual income, however, this will depend on the stability of your income.
Can agency Nurses get a mortgage?
It’s fairly common for newly qualified Nurses to work in agency roles, with some choosing the flexibility of bank work in the long term. Agency Nurses can have a harder time finding a lender, especially if their sole form of income is through this type of employment, however, specialist lenders are often able to accommodate your needs.
It’s likely that you will need to meet different criteria as a bank Nurse, such as being able to demonstrate a more significant history of ongoing employment, usually upwards of twelve months.
How Can A Mortgage Broker Help?
Here at Spot On Mortgages, we specialise in offering mortgage advice to Nurses. Whether you’re on a Fixed-term contract, an NHS employee or even working on a tier two visa, we can recommend a specialist lender to suit your needs.
We understand how demanding your chosen career is and that it can leave you time-poor, which is why we strive to make ourselves available on your schedule. We can access the types of discounts and targeting deals that maximise your potential as a homebuyer.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Why Spot On Mortgages to this?
Other types of mortgages are available such as Variable, Cashback, Capped, Collared & LIBOR.