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What You Need to Know
Whilst there’s actually no such thing as an ‘NHS Mortgage’ it’s true that being an NHS employee can possibly give you access to special offers from a range of Mortgage Lenders.
Do NHS workers get discounts on mortgages?
Although entirely at the discretion of each individual lender, there is a wide range of Mortgage Lenders who offer discounts and special offers to health service employees. This can include reduced interest rates, lower or in some cases no arrangement fees and similar benefits. This is done in an effort to show their appreciation to the nature and importance of your service.
Those employed as a member of NHS clinical staff in one of the following trusts are usually entitled to such benefits:
NHS GP Surgeries
NHS Ambulance Trust
The National Blood Transfusion Service
Dental practices with NHS status
The Health Protection Agency
Mental Healthcare and Social Care Trusts
NHS Primary Care and other Care Trusts
It is predominantly lenders who specialise in assisting NHS workers that provide these offers, rather than high street lenders. We can put you in touch with the lenders offering you the benefits most suited to your circumstances.
Whilst medical, administrative and housekeeping staff are not usually eligible for this type of benefit, all lenders are different. Therefore, we’ll be happy to look into your specific circumstances to see how you might be able to benefit.
Am I eligible for the NHS Key Worker mortgage scheme?
The key worker mortgage scheme was available to NHS workers, however, this particular scheme ended in 2019. There is currently no direct replacement. However, there is a range of other home ownership schemes that may be beneficial to NHS staff, whether you’re a First Time Buyer or further up the property ladder.
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We’ll take care of all the heavy work. From finding the right mortgage product and providing you with a detailed quote, to submitting the mortgage application on your behalf and guiding you right through to the completion of your mortgage.
Information on Home Ownership schemes
Help to Buy (currently closed)
The Help to Buy scheme offered borrowers a government loan of up to 20% of the property cost (40% in Greater London) towards their deposit. This meant that with just 5% deposit your Loan to Value requirement is reduced to 75%. This also means that the mortgage will be more achievable and can help those with lower deposit availability to get onto the property ladder. The scheme applied to new build properties and there were regional price caps in place.
The 2021-2023 Help to Buy Equity Loan Scheme closed to new applications at 6pm on 31st October 2022. All eligible homebuyers had to legally complete by 31 March 2023.
This scheme, predominantly offered by housing associations allows buyers to purchase a share of the property, usually between 25%-75%. This means that you will need to borrow significantly less, making the mortgage more achievable and the repayments on your mortgage lower, which is ideal for those on a lower income.
You have the option to purchase more of your property when you can afford to but should bear in mind that you will have to pay rent for the remaining share of the property that you do not purchase until then.
Right to Buy
Whilst not available UK-wide, this scheme also makes buying a property easier for those on a lower income. Some tenants of local authority or housing associations are able to purchase the property that they live in. This will be at a significant reduction on the market value, through the Right to Buy scheme. If you’re currently a tenant and this is something that interests you, it’s worth checking whether this is a possibility.
The NewBuy scheme offers borrowers access to a 95% mortgage at a reduced rate of interest, equivalent to about 75% of standard residential mortgage interest rates.
A 5% deposit must be provided by the applicant and this option is only available on new build properties. This scheme varies regionally and regional caps on the allowed property value will apply.
How much can NHS staff borrow?
Mortgage Lenders use your overall affordability and credit status to gauge how much they are willing to lend you, so your actual job type or title has no impact on the amount of your loan.
Each lender’s criteria will vary slightly, but the average mortgage applicant can expect to borrow anywhere between four & five and a half times their annual income.
It’s true that some NHS staff may qualify for a loan of up to 6 times their annual income. However, this level of borrowing is only currently available to newly qualified Doctors or Dentists.
How can Mortgage Broker Services help?
Here at Mortgage Broker Services, we’ve helped many NHS mortgage applicants to find the most suitable mortgage deal for them. Our advisers know which lenders specialise in NHS applicants and can therefore tailor our advice to your exact needs. We also understand that many NHS roles leave very little in the way of free time, which is why we aim to be available when you need us.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.