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As a dedicated member of the UK’s National Health Service (NHS), you deserve the best options when it comes to purchasing your own home.
That’s why we’ve created our NHS Mortgage program, designed specifically for NHS workers like you. The government reported that the NHS employs over 1.2 million people and more than a few of you are going to wonder what your mortgage options are.
Whatever your position from a porter to a paramedic or nurse to administrative staff, With the help of our specialist mortgage brokers, you can take advantage of exclusive discounts and deals on mortgages through certain lenders.
Introduction to the NHS Mortgage Program
The NHS Mortgage program has been created to assist those working in the NHS get the best possible deal available. With some lenders offering special discounts and deals for NHS employees looking to purchase a home.
Our team of specialist mortgage brokers are experts in the field and can guide you through the process. Where discounts or special deals are available to NHS staff that could reduce your monthly payments our experts will be able to assist you with this.
What Is A Mortgage Broker?
Our job as a Mortgage Broker is to search available mortgage lenders to suit your situation. Each lender has their own specific eligibility criteria and you could spend hours searching for something and still not find it.
We work with over 90 different lenders with access to over 12,000 different mortgage products. We have an in depth knowledge of these lenders and know their criteria and what they are looking for.
A lot of people may approach their own bank and this is completely normal but they will only talk about their own deals and their own criteria but there is a whole mortgage world out there that could offer you different things.
So don’t restrict yourself when you can access even some specialist lenders with special deals that could make your home buying dreams a reality.
What Is An NHS Mortgage?
There is no specific product out on the market called an NHS Mortgage. There was a scheme previously but this was discontinued in 2019 which I talk a little bit more about below.
When it comes to NHS Mortgages what we are looking at is lenders understanding the nuances of working for the NHS.
As you are probably aware your payslips have a lot of different lines in and out for differing things such as allowances, overtime and in some cases even separate payslips for Bank shifts. Having a Mortgage Broker working in tandem with a mortgage lender understanding your pay is going to give you the best chance of getting approval for a mortgage.
Mortgage Options for NHS Workers
As discussed above there are no specific NHS Mortgages on the market there are plenty of options available to NHS Workers.
You would still have access to all of the deals on offer by lenders but if you work with a mortgage lender who understands how the NHS works they will understand your payslips and the various different incomes.
Some lenders even understand how the NHS pay band works so deals being able to offer a larger loan vs your income then someone not working for the NHS could be available.
What Discounts Are Available For NHS Workers?
I don’t think it’s underestimated how important the NHS is to the people of the UK and over recent years we have now started seeing more businesses offering various schemes to support the employees of the NHS.
The world of property & mortgages is now starting to do the same. There are more and more products coming to the market which in different ways could support different workers. In some cases we may see mortgage lenders be able to offer special deals for NHS Staff.
We also have some house builders now offering deposit contributions. Barratt Homes will contribute £1000 towards your deposit for every £25,000 spent on the purchase of a home.
There is also the announcement of the First Homes Scheme aimed at First Time buyers and key workers.
How Much Can I Borrow?
The amount that you can borrow is determined by your income. This includes things such as your annual salary, Overtime, Shift Allowances and in some cases income earnings from bank shifts.
Lenders will calculate what the call your acceptable annual income. This is not necessarily all of your income just rolled up as not all lenders accept 100% of Overtime or Bank work.
So even if you did £10,000 worth of overtime a year on top of your £30,000 basic. This doesn’t mean your assessable income is £40,000.
As a specialist mortgage broker we can take your information and your outgoings and run all of the necessary affordability assessment and let you know how much you could borrow.
The most common figure we see for the maximum someone could borrow is 4.5x your allowable income. i.e £50,000 x 4.5 = £225,000.
This is just a maximum figure however and not necessarily what will be offered as if you have other commitments such as Car Loans, Personal Loans, Childcare Fees or Credit Card Balances these all have to be taken into account and could reduce the loan that you would be offered.
Am I Eligible For an NHS Mortgage Discount?
Where any special products or discounts are available lenders will normally narrow down the eligibility to the following groups which is considered NHS Clinical Staff;
NHS Primary Care and other Care Trusts
NHS Ambulance Trust
NHS GP Surgeries
Dental practices with NHS status
The Health Protection Agency
Mental Healthcare and Social Care Trusts
The National Blood Transfusion Service
However if you work for the NHS but not in any of the above then it could still be possible that certain NHS deals are still available but from speaking to us you will know all of your mortgage options
What Is the NHS Key Worker Mortgage Scheme?
There was previously a scheme available for NHS & Key Workers. However this scheme was stopped as of 2019.
There is still however plenty of options for mortgages for NHS staff and in some cases still discounts or deals available.
What Other Schemes Are Available to NHS Workers?
Shared Ownership Scheme – This is a great scheme for those with the deposit available to buy a home but maybe not the required income to buy a home outright. With this scheme you will buy a percentage of a property and the share that you don’t own will be owned by a registered housing association. This means that there will be no selling the property from under your feet! You pay rent on the share you don’t own which is normally 2.5% – 3% of the value of that share. You then pay your mortgage for the share that you do own. Ultimately this is still your home and is a great way to get onto the ladder if full ownership isn’t an option
Right to Buy Scheme – If you are a Local Authority Tenant then it could be possible to buy the home that you live in without the need for a deposit by using the discount the housing association will offer you. More information about the scheme and how much discount you could get is available here
First Homes Scheme – This is a new scheme announced in the last couple of years where you could buy a property with a 30% to 50% discount. The scheme is aimed at First Time Buyers but some councils could prioritise key workers for the discounts. More information on this scheme is available here
What Are The Best Mortgage Deals Available?
This particular question is a difficult one to answer and not because of you being NHS Staff. At the moment the marketplace is experiencing a rapid change in interest rates due to the uncertainty after the mini budget of late 2022.
Whilst things are starting to settle back down, interest rates are higher than they would have been a year ago and due to them being very specific to your individual situation there is no catch all “Best Mortgage Deal”