NHS Mortgages

Who is eligible for an NHS mortgage?

There is actually no such thing as an ‘NHS mortgage’, the same mortgage products available to everyone are out there for NHS workers too. There are specialist lenders out there who understand your position as an NHS worker and offer discounts due to the career path you have chosen.

You need to make sure that you are employed by the NHS or an NHS Trust organisation to access NHS discounts from specialist lenders, this includes:

  • NHS GP Surgeries
  • NHS Direct
  • Ambulance Trust
  • National Blood Transfusion Service.

You need to be deemed a medical worker in order to access specialist lenders offering discounted interest rates and mortgage deals and incentives.

Am I eligible for the Key Worker Mortgage Scheme?

Unfortunately, this scheme no longer exists, but there are specialist lenders out there who may offer discounts on mortgage rates and lower deposit options for NHS workers. You can use the help of a Mortgage Broker to find specialist lenders faster as they have knowledge of the ever-changing mortgage market.

What mortgages are for NHS staff?

All mortgages out there and available are accessible for health service employees too. There are two types of mortgage available typically and these come in the form of fixed-rate and variable-rate mortgages.

Fixed-Rate mortgages

Fixed-rate mortgages ensure an extra bit of security in knowing your mortgage repayments aren’t going to fluctuate over time.

Variable-Rate mortgages

There are mortgages in which lenders pick their own rates or they track the Bank of England’s base rate in order to determine a mortgage interest rate. The risk with variable mortgages is the repayments on the mortgage are subject to change. Some people will opt for variable mortgages due to the flexibility in the mortgage being more attractive than the risk of higher rates.

What types of schemes are available to NHS staff?

There are a number of schemes that you can access to help you towards being accepted onto a mortgage. There are no specific NHS employee schemes and the schemes available are mostly under the government.

Help to Buy

When you can provide a 5% deposit the government will give you an additional 20% (40% in London Boroughs) to provide towards the lender. The loan is interest-free for the first five years, after which time you pay interest on the loan until you sell the property or re-mortgage to repay the same % (20 or 40) borrowed at outset

Shared Ownership

If you can afford to buy a house but cannot do it alone, you can choose to purchase between 25%-75% of the property and then purchase the rest at a later date. You will pay discounted rent on the remainder of the property until you can own it outright or sell the property.

Right to Buy

If you are in a housing association or council house and have been for three years or over then you can access this scheme. The Right to Buy scheme gives the right to tenants of this situation to buy their home at a discounted price. You will need to speak to your housing association to find out more details.

New Buy Schemes

There are new build homes available at only a 5% deposit if they are taking part in the New Buy scheme. You will need to find out if the property you are interested in is under the scheme.

How much can NHS staff borrow?

You can access up to five times your annual salary depending on how long you have been in your position for, your deposit and on your credit history. You need to make sure all your finances are in check before approaching a lender. You want to look reliable as a borrower so the better your credit score, the lower the interest rates on your mortgage are likely to be.

Lenders will allow you to borrow with bad credit if you are NHS staff, but you may need to seek the help of a mortgage broker in order to find one and discuss your circumstances more.

How can Purely Financial Planning mortgage experts help me?

Here at Purely Financial planning, we have access to the independent mortgage market in which we can access deals that are not available on the high street. We have years of knowledge of the mortgage market and keep up to date with the latest changes.

There are mortgage products out there that are not authorised and regulated by the financial conduct authority but are legitimate forms of borrowing. We are under the UK regulatory regime and can give mortgage advice as well as ensuring everything is legitimate.

We will take your circumstances into account after discussing your wants and needs as well as your financial situation before making recommendations. We will be there when you approach the lenders and even after you have been accepted to make sure you understand everything.

We are an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority, you can trust us to take away the hard work of finding a mortgage to suit you.

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