NHS Mortgages

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Mortgages for NHS staff – Getting the most out of your career 

You may be a First Time Buyer, looking to re-mortgage, or searching for an investment Buy to Let mortgage and wondering if your NHS position can offer you some money saved or if it gives you more exclusive options. The below guide explores what your options are as an NHS worker when it comes to mortgages.

Do I get mortgage discounts as an NHS Employee? 

There are specialist lenders that give discounts to NHS staff.  In addition, you may qualify for one of the Government’s shared equity Help To Buy schemes or Right To Buy.

What is an NHS mortgage?

There isn’t an “NHS Mortgage” as such, this is really a term used to describe lenders who tailor their mortgage products to be attractive to an NHS employee by offering discounts, lower interest rates, or flexibility in return for a low-risk borrower.  As job security in the NHS is good, this is seen by lenders as a positive. There are also schemes out there that can be accessed by medical workers. Our role is to identify these lenders and schemes for you.

These schemes include:

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

You may have heard of the NHS Key Worker mortgage scheme too, however, this scheme no longer exists. There is a wide variety of mortgage products and lenders out there offering their lower interest rates or cash incentives and it can be a search to find the right one. It is worth seeking the expert help of a mortgage adviser with this.

Who qualifies for NHS mortgage discounts?

You need to ensure you are classed as a medical employed by the NHS or the NHS Trust in order to qualify for the discounts and lower interest rates available. This includes NHS Surgeries and Direct as well as the Ambulance Trust and the National Blood Transfusion Service.

What type of mortgages are available to NHS staff?

Some mortgage lenders will offer incentives such as discounts on the interest rate they charge you. The mortgage itself works in exactly the same way as any other, but with better rates.

The mortgages that are available in the UK are:

  • Fixed-Rate mortgages
  • Variable mortgages
  • Standard Variable Rate mortgages
  • Discount mortgages
  • Tracker mortgages
  • Capped Rate mortgages
  • Offset mortgages

There are a range of different mortgage deals out there and there will be different criteria to fit in order to access them. It is important to remember to check the lender’s criteria is fulfillable otherwise they may not be the right lender for you.

What schemes are available to help NHS Employees?

There are no specific schemes out there to help NHS staff but there are Government run schemes and other ways of getting a mortgage if you need aid in obtaining one. The schemes will differ in advantages depending upon your financial situation.

These schemes include:

Help to Buy

As a First Time Buyer, you will be able to offer the Help to Buy Scheme, a scheme designed to get more people onto the property market. If you can provide a deposit that is 5% of the value of the property you are hoping to purchase, then the government will match this with another 20%. 

Shared Ownership

Buying a house underneath the Housing Association will allow you the option of choosing whether to pay for it all together or whether to only pay for between 25% and 75% and the remainder you will pay rent on. 

New Build

There is a new scheme open to First Time Buyers and those looking to re-mortgage where if you choose a new build house then you can get up to 15% off of the purchase price of the home. This scheme is limited as the builders must be registered with the scheme.

How much can I borrow as an NHS Employee? 

You need to make sure that you can afford the repayments on the mortgage you are asking for. The affordability checks that lenders will carry out to make sure that your income covers the repayment amount will confirm this, therefore the amount you can borrow is based on your finances.

You need to make sure that your finances are in check before applying for a mortgage. If you have a good credit rating and a good credit score, then you will be able to access up to five times your annual salary.

How can a Mortgage Broker help?

You want to make the most out of the career you have worked hard for and it is understandable that you want to get all the discounts and incentives that you can for this big commitment. As you are an NHS worker, probably working long hours, you may not have the time to search the mortgage market for the perfect long-term deal which is going to be right for you.

Our Mortgage Brokers at What Life & Mortgages can scour the independent mortgage market and find the lower rates or discounted and flexible mortgages for you. They can help with gathering documentation to ensure you are equipped with a strong mortgage application. 

What Life Mortgage Brokers are authorised and regulated by the Financial Conduct Authority meaning they are qualified to be able to give mortgage advice.