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Mortgages for social workers

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 9, 2023

Mortgages for social workers

Social work is a complex field that can result in income and employment contracts that are very different for each individual. As a mortgage broker, we often get asked about mortgages for social workers or key worker mortgages. Our mortgage providers that are also known as mortgage lenders will do their best to give you a great mortgage deal

The times have changed since the days of permanent, long-term employment. We now see far more temporary posts, zero-hour contracts, agency workers and those who are self-employed or set up as limited companies.

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Advice on mortgage lenders for social workers

We are able to provide financial advice as a mortgage broker. We can help you navigate the maze of mortgages to determine if you are eligible and, if so, how to apply for one. We can introduce you to the best mortgage lenders who work with the property ladder daily and provide a key worker mortgage deal.

Keep in mind that mortgage lenders criteria are subject to change daily. We recommend making an enquiry to speak with a mortgage advisor and having an expert do the research. For immediate information and mortgage advice, make an enquiry or continue reading to find out more.

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Social worker permanent staff

A full-time permanent job should not pose a problem for anyone who is earning the same salary as any other normal job. Some mortgage lenders won’t approve a mortgage if the applicant has been in the same position for less than 12 months, has bad credit or has history of missing mortgage payments.

However, as a mortgage broker we have some lenders who may be willing to accept new-job mortgages even if the applicant is in probationary status. There are also a few lenders that will consider applicants who are yet to start their new job.

Social workers on short-term contracts

Short-term social workers (anything less than 3 years) might have difficulty getting a mortgage approval. Short-term contracts are typically for 3 to 6 months or 12 months. Lenders may consider the income unsustainable and not sufficient to support ongoing mortgage payments. How do you get a mortgage loan?

There are lenders that will consider these arrangements if they meet certain conditions.

  • Minimum 6 months left on the contract. Deposits of 10% and clean credit histories are required.
  • OR the contract must be at least 12 months old, have a minimum 5% deposit, and have clean credit histories.
  • OR it must be within a 12-month contract, having been renewed at least once previously, minimum 5% deposit, and ideally a clean credit record (20% deposit with adverse).

Short-term contract workers should have a clean credit history.

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Agency social workers

This is the most frequent inquiry we get about social worker mortgages. Partly because there are more temporary positions in the sector and partly because most lenders don’t accept agency workers. Social workers looking to make more money but don’t mind working in temporary positions can find great demand.

Lenders like security, so this does have an impact on mortgage applications. Lenders want a steady, stable income and a consistent and sustainable income to support their affordability calculations and lending decisions. The likelihood of a temporary applicant missing their mortgage payments is higher than if they are at work. How do you get a mortgage?

There are specialist agencies that can lend to mortgages, but there are certain criteria you must meet to get approval.

  • A minimum of 12 months must have been in the same position at the same agency.
  • You should have a clean credit history.
  • You must have a minimum of 5% deposit for a clean credit and 20% for adverse credit.
  • You must borrow within 5x your income for clean credit, or 4x if you have adverse credit

Umbrella companies

Similar to agency workers, people working through an umbrella organization will struggle to find a lender. The umbrella company is usually viewed by lenders as the one holding the employment contract with authority/placement. After that, the contract is held by the social worker.

This arrangement is less secure than a permanent one, so most lenders won’t approve unless the applicant has a long history of working in this position. While the umbrella company usually pays all taxes and national insurance for the worker, some lenders require that the applicant has at least three years of history.

You can find out more about umbrella mortgages by visiting our guide.

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Sole trader & limited companies

Social workers may trade as self-employed in certain situations, regardless of whether they are working through an agency, umbrella company or another setup. These cases are similar to any other self-employed applicants and are subject to the same standards as all others. For more information, visit our self-employed mortgages page. Most lenders require at least three years of trading history. If the lender is a sole trader, they will base their lending on the company’s net profit or salary plus dividends. Some lenders are more flexible than that, however. Being registered as self-employed can make it easier to find a lender because they will consider the trading history of your business more than the current contract and employment status. Flexible lenders will be:

  • Lends based on only 12 months of trading history
  • Only a 5% Deposit is Required to Lend
  • Instead of limiting to salary + dividends, the share of profits is used for the basis of the loan.
  • Don’t hesitate to lend money to people with bad credit

Government schemes & low deposits for social workers

Keyworker Mortgages have been discontinued. Originally designed to assist key workers in obtaining property ownership in areas with higher incomes, they are being replaced by universal help-to-buy schemes. They allow borrowers to buy either a new property with 75% mortgage, 20% Government loan and 5% deposit or an existing property that is on the open market with 95% mortgage and deposit. Social workers are not eligible for these schemes, but there are many lenders that offer flexible underwriting to those in high-security positions within the public sector. You can find more information on Government-backed mortgages.

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Social Care Key Worker Mortgage:

Social workers can get a mortgage with bad credit

An applicant’s adverse credit history can be a major stumbling block when trying to remortgage a home or purchase a new one. It is more difficult to get a loan if you don’t have a permanent contract. Lenders are limited in their ability to consider both temporary or adverse incomes. Although there are lenders willing to lend to borrowers with poor credit, it all depends on how much income you have, how recent your credit problems are, as well as how large the deposit is.

Our page provides more information about bad credit mortgages.

Mortgages for Social Workers

Healthcare And Hospital Social Worker

You may work shifts as a hospital social worker or healthcare professional. This can impact your mortgage status because of the fluctuating earnings. We are professional mortgage brokers and can help you find the best mortgage for you.

Social Worker for the Family and Child Welfare

There may be some difficulties when you are a social worker for children or a family welfare agency and need to apply for a mortgage. You need to have a mortgage lender who understands your needs and can help you choose the right lender. We can help you find the right one.

Administration And Management Social Worker

There are many types of contracts you can work under due to the nature and job of a management social worker or administrator. Each contract could have a significant impact on your ability to get a mortgage. You may be required to demonstrate your industry experience if it is a temporary contract. You may also be on a fixed-term contract and need to have an adviser explain it to a lender. We can help you find the right mortgage for your contract status.

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Key workers for older adults social workers

When it comes time to get a mortgage, the fact that most older adult social workers work in hospitals and for local authorities can be a huge help. There are many options available, but we can offer professional advice to help you choose the right one.

Substance Misuse Social Worker

The job of a substance abuse social worker can be varied. Some social workers may work in rehabilitation centres, while others may work at hospitals or in government agencies. Each one comes with a different pay structure. Each worker may be eligible for different mortgages. We are here to help you understand all your options and choose the best mortgage for you.

Advocacy Social Worker

Advocate social workers tend to be self-employed. However, it is possible to become your own boss and obtain a mortgage. You may need to provide proof of income and profits from your business in order to be approved for a mortgage. We can assist you in completing your documentation to get approved for your mortgage.

Criminal Justice Social Worker

There are many factors that could affect your mortgage options as a criminal justice social worker. These include your contract type, whether or not you work for an agency and how long you have worked in your job position. We can advise you on the best mortgage options for your particular situation.

Hospice And Palliative Care Social Workers

Social workers who provide hospice and palliative care services usually work for NHS, which gives them access to a wide range of mortgage options. There are still options, even if it is private work or charity. Every mortgage is dependent on the terms of the contract and salaries. We can help you understand the various mortgages that are available and guide you in making the right decision.

A social worker for the disabled

The varying contracts held by many disability social workers can make it more difficult to apply for a mortgage than for full-time employees. The process involves more documents and requirements. We are experts in this field, and we can help.

Mental Health Social Worker

The work of a mental health social worker can be exhausting and can take up a lot of your time. This means that you might not want to spend all your time researching and searching for the best mortgage for you. We are here to assist you in finding the right mortgage for your needs.

For a key worker mortgage or for mortgage advice contact us today for a free of charge no obligation chat.

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