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NHS Mortgages

Jon Porter talks all about the mortgage process for NHS workers. 

Are there specific mortgages tailored to NHS workers?

There are certain lenders that have mortgages tailored for the NHS, but it depends on what area you are in. Dentists, doctors, nurses for example, so it’s down to the individual circumstances.

Is it easier to get a mortgage if you work for the NHS?

It is easier, but the key thing is to ensure the lender has an understanding of income for nurses and doctors and how it changes in the early years when they’re training. They also need an understanding of additional income such as unsociable hours pay and bank income.

How do I know if I qualify for an NHS mortgage?

Different lenders have different criteria with regards to NHS employees, such as how long they have been there, what registered body they’re under, because they are key factors for some of the specific NHS Mortgages.

Can I get a mortgage 5 times my salary?

Yes, you can but you can also get up to 5.5 times your income in some circumstances, depending on the deposit that you have. Lenders have specific banding that you need to be at for them to offer that income multiple.

At Limetree we would assess the affordability so you have knowledge of what your budget is going forward and what properties to look at.

How much can I borrow and what sort of deposit do I need?

The minimum deposit that you need is 5% at the moment and everything regarding the borrowing is determined by the affordability assessment. We would go through your individual affordability to make sure that you can get the maximum borrowing possible. The factor that could change what you’re borrowing is the level of deposit because if you’ve got a higher deposit some lenders will offer a higher level of borrowing.

Do NHS staff mortgages have any restrictions or limitations?

With most lenders there’s no restrictions or limitations. With regards to the specific NHS products then there may be with regards to the length of service and the registered body that they’re with, but other than that, no.

Do NHS workers get better mortgage rates or special discounts?

No, not really, it’s more down to the criteria about the income stretch that may be available to them. There’s no special discounts available.

What schemes are available to NHS workers?

It’s fairly mainstream with regards to the schemes that are available. The Help to Buy scheme is the standard and there’s none specifically for key workers at this time.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.