What mortgage options are available for nurses?

Nurses have access to the full range of mortgage products available to other applicants. This of course is providing they can meet the lender’s individual criteria.

Unfortunately, using the standard mortgage application route is out of reach for many nurses. This is due to inability to meet the income or deposit requirements or less stable employment types, such as bank work.

Many of the government home ownership schemes, however, have application criteria that are easier for nurses to meet. The below might be particularly beneficial:

Help to Buy (currently closed)

This scheme offered First Time Buyers a loan of upto 20% (40% in Greater London) towards a deposit. You would only need to provide a 5% deposit, although this could only be used to buy new build homes.

The 2021-2023 Help to Buy Equity Loan Scheme closed to new applications at 6pm on 31st October 2022. All eligible homebuyers had legally complete by 31 March 2023.

Shared Ownership

This scheme is aimed at those on lower incomes and allows you to buy a share of between 25% and 75%. This makes a mortgage far more achievable, due to the low value of the borrowing. You are also able to increase your ownership of the property in increments as low as 1%, when you can afford to.

First Home Scheme

If you live in England, are a First Time Buyer and are classed as a key worker earning less than £80,000 (£90,000 in London), this scheme allows you to buy a new build home in your local authority area for a discount of 30-50% of the market value.

After the discount has been applied, the first sale must be at a price no higher than £250,000 (or £420,000 in Greater London). There are plans to release 10,000 homes per year across the country under this scheme. There will be strong competition for these mortgages, so speak to us now if you feel you qualify.

How much can I borrow?

Your job title has no impact on your borrowing. Only the stability of that job and your basic salary, alongside your credit score. A typical mortgage applicant can expect to borrow between three and five times their annual income.

Can agency nurses get a mortgage?

Many newly qualified nurses work in agency roles until they find a permanent role. Whilst others find this type of employment easier in the long term. The good news is, it is possible to get a mortgage as an agency nurse, however, only specialist lenders are likely to offer this option.

Depending on how you are employed, you will need to meet different criteria. If you receive PAYE income, this will usually be without a fixed-term contract, so lenders will want you to have been in the role for at least twelve months, prior to your application. As a Self-Employed nurse, you may be asked to provide a longer history of regular work, although some will accept twelve months’ worth of accounts history.

How can Mortgage Broker Services help?

Whether you’re an NHS nurse, an agency nurse or here on a skilled worker visa, we can put you in touch with the type of specialist lender that can help you to secure a mortgage. We actually have a strong history of helping those on skilled worker visas, as well as other foreign nationals in the UK, to purchase UK properties.

We understand the demands that come with a career in nursing make tasks like mortgage applications difficult. That’s why our brokers will make themselves available based on your schedule and will help to ease the administrative burden of your application.