NHS Mortgages

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NHS Mortgages - What you need to know

Buying a property does not always appear to be the most straightforward process in the world. There are various hoops you’ll have to go through if you’re going to end up with the keys to your very own home. One aspect you’ll need to think about it is how easy it is to find a mortgage, and especially how your job impacts your ability to get one.

At Pia Financial Solutions we want to provide mortgage advice to employees of the National Health Service. It is our goal to help find the most suitable mortgage option for you. No matter what your role in the NHS we’re here to help. We review your individual circumstances and provide a tailored professional advice. 

Our experienced and qualified team will ensure that the mortgage advice you are provided with is tailor-made to your individual needs and personal goals. We will ensure whichever type of mortgage, interest rate and term is agreed is the most suitable and competitive. 

What is an NHS Mortgage?

There are some schemes that enable you to purchase a property with a lower interest rate.  

To be eligible you must fit one of the following criteria: 

  • NHS Doctor
  • NHS Nurse
  • NHS Direct
  • NHS GP Surgeries 

 

The process of determining eligibility for an NHS mortgage is largely straightforward. The criteria is that you must be employed by the NHS at a clinical level, on a permanent basis. 

If you have any doubts regarding whether your employer qualifies you for an NHS mortgage, it’s best to speak to a specialist broker who has experience in this field. 

Are there any restrictions on an NHS Mortgage?  

If you’re looking for a mortgage and you are an NHS employee, then there’s good news: there will be plenty of options that’ll hopefully allow you to obtain a mortgage and take the first steps towards getting your dream home. 

There’ll be various things that will be taken into account, such as how much you earn, expenses and outgoings you have, whether you’ve had a mortgage before and your credit history. 

What type of NHS mortgages are available? 

There are plenty of options if you’re an NHS worker. While there isn’t one specific “NHS Mortgage,” there are lenders and brokers that can help you if you work for the NHS. 

Do NHS workers get discounts on Mortgages? 

Specialist mortgage brokers can navigate the market to find lenders sympathetic to those working in the NHS and any schemes the applicant may be eligible for and also the lenders who are able to offer lower interest rates for those employed by the NHS. 

How much can NHS staff borrow? 

How much an NHS worker will be able to borrow will depend on various factors. In many ways, it’s advisable to think of the process in the same way you’d think about mortgages if you worked in another industry. 

How much you can borrow will depend largely on how much you earn and the amount of money that you’ll be able to pay back each month. While the specific amount that you’re able to borrow will be determined by a mortgage lender, there are ways to get a quick idea of how much you’ll be able to borrow if you work for the NHS. It’s usually possible to come up with a ballpark figure just by looking at your NHS Pay Band, your expenses, and how old you are. 

Whilst there is no specific NHS mortgage there are a number of options that would benefit those working in the NHS. These include:

  • Help to Buy
  • NewBuy Schemes
  • Right to Buy
  • Shared Ownership


Help to Buy

The Help to Buy scheme is designed to get first-time buyers on the property ladder. The process of this is that the government will essentially lend the borrower up to 20% of the purchase price. This is a loan that’s interest-free for the first five years. In order to qualify, the buyer must have 5% of the deposit of the property. The scheme will continue for some time, though it will be restricted to newly built homes. 

New Buy Scheme

If you have an eye on living in a new build property, then the NewBuy Guarantee Scheme may be useful. This is a program launched in 2012 that aims to help people to buy a new property (or freshly converted) property directly from the builder. There are restrictions on which builders qualify, but there are many to choose from. Essentially with this process, the government and the builder both act as ‘backers’ that will contribute to the mortgage payments if the lender isn’t able to keep up with payments. This offers another level of security, thus making the lender a more attractive prospect to lenders.

Right to Buy

If you’re currently living in a council house, then the Right to Buy scheme can help you to get on the ladder. This program requires a special type of mortgage. 

Shared Ownership

If you don’t want or need to own a house outright, then you could use a Share Ownership mortgage to own a portion of the house (it’ll typically be from one to three-quarters of the home). You will pay rent on the rest. 

As we’ve seen, there are many options when it comes to getting a mortgage as an NHS worker. If you have any questions about the process, then be sure to get in touch. We’ll be able to walk you through your options and hopefully put you on the path towards getting a mortgage. 

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE