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Mortgages for nurses and healthcare workers

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 9, 2023

Mortgages for nurses and healthcare workers in the UK

As whole of market mortgage brokers, we have a few mortgage providers lending mortgages for nurses.

Traditional high street lenders don’t always require nurses to meet certain criteria. Many UK lenders will offer mortgages to nurses.

If you’re interested in learning more about getting mortgages for nurses, we can get you approved in just 24 hours, start online below:

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How can I get a mortgage for a nurse?

Due to many working arrangements, getting a mortgage for NHS nurses can be difficult. A fixed salary may not suit you, but shift patterns or overtime flexibility could affect your income. This makes it hard for lenders to calculate your exact salary.

Many lenders won’t be able to understand the complexities of mortgage options. Talking to a mortgage broker that specialises in mortgages for nurses is the best way to begin. We are up to date on all the requirements of different lenders and will help you find the best deal.

We are expert NHS mortgage brokers

We have access to over 200 lenders in the UK to get you the best rates

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Do nurses get mortgage discounts?

Many government mortgage programs and other initiatives make it easier to get a mortgage for nurses. These include those aimed at key worker mortgages for UK-based residents.

The Key Worker mortgage scheme is for nurses in the UK

You are regarded as a key worker in nursing. Key Worker Living was an initiative to assist key workers in renting or buying a home. Unfortunately, it is no longer available.

Don’t worry: Many alternative schemes are very popular among professionals in this group, including:

  • Help-to-buy
  • Shared ownership
  • NewBuy scheme

These schemes offer better rates and require a lower deposit.

What are the other mortgage options available for nurses?

A lender will first want to see proof that you have a regular, stable income to prove that you can repay your loan.

For first-time buyers or those who are refinancing, mortgages are available.

Talk to Loan Corp today to learn more about your options based on your circumstances. If you have a flexible income, they can tell you which lenders are willing to evaluate mortgage applications individually.

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What mortgage is affordable for a nurse?

A lender must verify that you are receiving payment for your work as a qualified nurse. Typically, they will ask you to provide at least three months’ pay slips.

This will include your basic pay and any additional earnings, such as overtime. A lender will want to see evidence of your income, such as consistent earnings over a period of time and possibly P60 to consider overtime and additional earnings.

On average, UK nurses make £23,000 per year. However, the exact amount will vary depending on the job. A registered nurse who provides in-home care might receive £24,000. However, a nurse working in an ICU unit may earn around £33,703.

A mortgage ranges from £74,700 to £112,050 based on your average salary. These terms are based on 25 years with a 3% interest rate (for example, for purposes of this article), and you can expect to repay £531.35 every month.

Can nurses help with mortgages?

It’s possible to still apply for mortgage assistance if you have a mortgage. However, it might require switching to another provider such as one that specialises in mortgages for NHS staff and nurses. Specialist brokers can help you locate the right provider. Give us a call if you need assistance.

You may also be eligible for better rates and assistance if you are a nurse when it comes to mortgage remortgaging. A broker can help you find lenders who offer favourable rates for nurses and other options.

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Can agency nurses get a mortgage?

Although you won’t be denied a mortgage if you work as an agency nurse, this may limit the number of lenders who will offer you a loan.

Agency staff typically get paid in one of two ways: by PAYE or self-employed.

  • The Agency workers are often treated as temps and do not have a fixed-term or permanent contract. Lenders in this situation will require you to work for the agency for at least 12 months before they approve lending.
  • Self-employed: The more time you have been working as a nurse, the more reliable your payments will be. Lenders will request to see tax returns for at most one year. The more you can show, the better deal you are likely to get. A specialist lender may be required if you want a mortgage but have an irregular income or are on a fixed-term contract.

A lender will also consider other factors, such as your credit history and age. They may also consider how much deposit they can make.

What are the top mortgage lenders for nurses in the UK?

Some mortgage lenders are more familiar with nursing than others and offer better rates. However, the rates that you end up with will depend on many factors.

Some lenders may only consider 60% of your shift allowances, while others will account for 100%.

Lenders that cater to nurses may be wary of clients with poor credit, small deposits or self-employed income.

This is why you need to search for the right nurse mortgage lender for your specific needs.

Our mortgage brokers have this knowledge and can help you find the right lender for you.

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What are the best mortgage rates for nurses?

A mortgage broker is able to help you find the best mortgage lenders that are suitable for nurses. A mortgage broker will help you find the best deal for your personal needs. We can help you locate one.

Give us a call today, or send an enquiry here. We’ll connect you with one of our experts who can provide advice on mortgages for nurses in the UK.

Nursing is a highly sought-after career. However, it can be difficult and expensive to train. Many nurses begin their careers with significant student debt. This makes it hard for other medical professionals to climb the property ladder.

Can a nurse get a mortgage?

High street lenders may not be able to grant a mortgage to a nurse with different working hours. Your take-home pay may fluctuate significantly due to overtime and shift allowances. This could make it difficult for you to get a mortgage from a traditional lender.

This doesn’t mean you can’t buy your home. Many lenders can help you, so no matter what your career path, it doesn’t have to stop you from making a move in your life.

Our mortgage advisors are experts and will find the right mortgage for you.

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What will student loans do to my mortgage?

The lender will need to know your income and monthly expenses when you apply for a mortgage. Before granting you a mortgage, the mortgage provider will also check your debt levels and repayment history.

Nursing students often have to pay a large portion of their tuition costs so that they may have significant debt. Lenders know how difficult it can be to get a mortgage for nurses.

This means that student loans and other debt can have a negligible impact on your eligibility for a mortgage. You will still need proof that you can afford your monthly mortgage payments and loan repayments, but outstanding student loans or debt should not prevent you from being approved for a mortgage as a nurse.

Nursing is a highly sought-after career. However, it can be difficult and expensive to train. Many nurses begin their careers with significant student debt. This makes it hard for other medical professionals to climb the property ladder.

What discounts can I receive as a nurse?

Many nurses and other medical professionals are eligible for mortgage discounts and help-to-buy programs. These are viable options for nurses who wish to purchase their own property.

  • Help-to-buy
  • Shared ownership
  • NewBuy scheme

There are many other local programs that should also be considered.

Nursing is a highly sought-after career. However, it can be difficult and expensive to train. Many nurses begin their careers with significant student debt. This makes it hard for other medical professionals to climb the property ladder.

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Mortgage Advice to NHS Staff & specialist lenders

We appreciate the hard work and dedication of every NHS member. Following COVID-19, we have modified our offer to include a complimentary initial mortgage review and No Broker Fee to help you get on to the property ladder.

These schemes can often be used to buy a property with a lower deposit and reduced loan fees for a set period, such as five years.

For nurses or those who are struggling to save for a deposit and a tenancy, the lower deposit amount could make it possible to buy your house. Our NHS Mortgage Calculator will help you determine how much you may be eligible to borrow.

What help can I get as a nurse?

It cannot be easy to find the best mortgage deal, especially if you work a challenging job.

Additionally, we can offer mortgage advice and introduce lenders who offer mortgages for nurses. This will allow you to choose the best mortgage provider for your personal needs as a nurse. Our professional mortgage advisors are available to assist you throughout the entire process.

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