Mortgages for Nurses - Help for Nurses Wanting To Buy a Home
If you are a nurse and looking to buy a property, it can be difficult to find a mortgage due to your income. We help find mortgages for nurses using lenders who understand the complexities involving your income making the process as smooth as possible.
Mortgages for Nurses
According to the NMC (Nursing & Midwifery Council), there are currently over 700,000 registered nurses in the UK. Many of you are in need of a mortgage but have been faced with challenges when you’ve tried to apply. We’ve helped plenty of nurses like you and we can help you too. Here are the answers to some of the most commonly asked questions we get asked about mortgages for nurses:
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Talk To An Expert Now
We offer a free initial consultation to assess your circumstances and confirm your options
Why do Nurses Struggle to get a Mortgage?
If you’ve been struggling to get a mortgage, you are probably wondering what the problem is. The main issue you face is that the lenders don’t always appreciate the complexities of nursing income. They simply aren’t flexible when it comes to reviewing your income and for nurses who work for agencies, are students or do bank nursing, this can cause a real headache. Luckily, there are lenders whose criteria is more sympathetic making mortgages for nurses a reality. Call us on 0333 090 2025 to apply.
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Who is Eligible to Apply for Mortgages for Nurses?
We help find mortgages for nurses regardless of the stage of your career you’re at or where you work.
Types of nurses we work with:
- Student Nurses
- Newly Qualified Nurses
- Agency Nurses
- Bank Nurses
- NHS Nurses
- Privately Employed Nurses
If you work for the NHS we also have a dedicated webpage on NHS Mortgages which you can read.
Why Choose Us
Market Wide Advice
An unlimited comprehensive range of mortgages from lenders across the market including many exclusive deals
Flexible appointments including evenings and weekends to suit your busy schedule because we understand you are busy
No Obligation Advice
Free initial consultation to assess your needs and provide helpful initial advice so you are fully informed to make decisions
Stress Free Process
Our professional and friendly team will help manage every aspect of the mortgage process through to completion
Free Lifetime Reviews
Free periodic reviews to make sure everything is working as it should be and that you remain on the best deal
Protecting your needs
Personalised advice on life and home insurance to ensure that your home and family are protected if things go wrong
Ready To Get Started?
Answer a few simple questions to start the mortgage process
Can a Nurse Afford a Mortgage?
It really depends on your personal circumstances including: your earnings, current commitments, credit history, the value of the house and how much deposit you intend to put down. Answer a few questions on our Get Started page to get the ball rolling.
Do Nurses get Cheaper Mortgages?
The availability of cheaper mortgages for nurses are limited, and we can discuss this with you when you apply. You may be eligible for other options such as the Key Worker Scheme – for more information contact us today.
How it Works
3 Easy Steps to a Simple Fast Mortgage
What Schemes are Available for Nurses?
Further to the Key Workers Scheme, the government and some developers also offer other schemes to help you get a mortgage. This includes Help to Buy (closes October 2022 – other options may be available), Shared Ownership and Right to Buy (if applicable). From time to time, local developers offer incentives which can save you money, please Contact Us for more information.
How Much Deposit do I Need?
You might be able to get a mortgage with as little as a 5% deposit, but the more you put down the better. Borrowers with a 10% deposit will have more options when it comes to finding the right mortgage deal. The amount of deposit you will need is also linked to your credit score.
Do you Help with Mortgages for Student Nurses?
Yes we can. We appreciate it can be difficult to get a mortgage if you are a student with income from a bursary and that some students also work through an agency to help fund their studies. Whilst some traditional lenders are not particularly flexible in their criteria, there are others who are more sympathetic. Talk to Us to find out more.
Can a Newly Qualified Nurse get a mortgage?
If you’ve recently qualified as a nurse, congratulations! Now that you’ve qualified, you might be thinking about buying a new home. It might be worth waiting a few months before you apply as requests for 3 months payslips are not uncommon. However, as long as your new job has been confirmed then there could be options for you. You might be asked for your latest employment contract or an employer reference. Give us a call on 0333 090 2025 to discuss the options available to you.
Will Agency Nurses Get a Mortgage?
If you are wondering if mortgages for nurses are available to those who work through an agency, then you are not alone. It’s a question that comes up a lot as at one time or another many nurses will have worked as agency staff. But fortunately, some lenders can be more understanding and flexible.
Agency nurses are paid in one of two ways, either via PAYE (Pay As You Earn) or through self-employment. If they are PAYE then lenders may ask for a number of payslips. They may also have additional criteria such as that you’ve been in a role for at least 12 months, or have 6 months remaining on your contract. Mortgage lenders may request evidence of this.
If you are self employed things can be a little bit trickier, so it’s important to get expert advice from a mortgage broker. At the minimum you’ll need to provide your latest year’s tax assessment showing the income you declared to HMRC. Some lenders may want to see 2 years worth of figures so they check consistency of earnings. We can further advise when we speak with you.
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Could I get a Mortgage as a Bank Nurse?
Bank nursing has become an increasingly popular way of supplementing nursing income. We regularly find mortgages for nurses in receipt of bank income. NHS nurses usually receive separate payslips showing your bank pay under a different assignment number, so it is easier to identify in your year to date figures, exactly how much pay you receive per year from this source.
As bank pay can vary month to month, most mortgage lenders will want the mortgage adviser to work out an average amount. The specific method of calculating the average differs from lender to lender as each has their own mortgage lending criteria. Contact Us to speak with an experienced mortgage adviser and who will accurately assess your circumstances.
Will the Lender Consider Overtime / Night Pay / Shift Allowances etc. Towards Affordability for Mortgages for Nurses?
A nurse’s income is complex and normally consists of multiple payments. It’s not uncommon to see enhanced pay for weekends, nights, overtime, on-call or shift pay and some lenders are more familiar with these shift allowances. Typically most lenders will take an average of the additional pay earned over the last three months and use this to calculate an annual figure. Some lenders may use 100% of this income and others might only take 50%. Ready to apply? – Start Here
Is it Possible to get Mortgages for Nurses who Have Bad Credit?
If something has gone wrong in the past with your finances and it has affected your credit history, it can make it more difficult to get a mortgage. Perhaps you have missed payments on a loan or credit card. Equally, there may be a default or County Court Judgement (CCJ). The older the adverse credit is the easier it is to get a mortgage but there are usually solutions available for most people albeit this may involve a higher interest rate or putting down a bigger deposit. Talk to us today and we will discuss what options are available for your personal circumstances.
How Much can a Nurse Borrow?
To find out what you can borrow, Click Here to answer a few simple questions. After this you can self-book a convenient time for an appointment to go through your current circumstances in detail. During the meeting we can establish what you can afford and how much you can borrow. We’ll recommend the lender which is the best fit for you and ask for relevant documents to start processing your application. This may include payslips, bank statements, proof of deposit, proof of name and address and any other information that is relevant to your application.
Looking to move home or remortgage? Watch the latest vlogs from our mortgage advisors,
packed full of handy tips, to help you get on the property ladder and save on your mortgage