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Mortgages for nurses

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If you're reading this, chances are you're looking for a mortgage.

Whether you're a newly qualified nurse, an agency nurse, looking to get on the property ladder, or even looking for a mortgage for a second home, much of the process and considerations are the same.

Securing mortgages for nurses is a complex topic, as of course, no two applications are the same. However, as a medical professional, you'll be pleased to know that most cases you'll be able to secure the mortgage your looking for.

Your mortgage options will be different depending on your circumstances, such as your credit history, the size of your basic salary, any overtime pay, as well as any agency income you have.

In any case, it pays to shop around and find the right mortgage deal for you. It's also useful to understand more about the mortgage process, so that you're fully prepared when the time comes to start your mortgage application.

How much can you borrow as a nurse?

First things first, you're probably wondering, how much can a nurse afford to borrow?

As with all mortgages, the amount you are able to borrow depends on range of factors and will also vary from lender to lender. However, most lenders will offer between four and six times your annual income.

When considering how much you can afford to borrow, you may want to use a mortgage affordability calculator to estimate how much you can borrow. You can use this page to get a rough estimation of how much you are able to borrow.

High street lenders are typically looking to see that you have a stable income and a good credit history. Mortgage lenders want to see a consistent track record of earnings and a consistent repayment history when it comes to mortgages or any other credit. As a result, NHS nurses are often looked on more favourably by lenders, as being NHS employees a mortgage lender is likely to see this as a strong indication of stability. If you have an existing relationship with a bank or building society, this can also weigh in your favour.

On the flip side mortgage lenders dislike factors they consider indicate more instability. This can include unusual or flexible shift patterns, short fixed term contracts, agency nurses, and particularly bad credit.

However, this all depends on your personal circumstances, if you have bad credit, have self-employed or agency income, it may be worth speaking with a broker who works with specialist lenders. Specialist lenders may be able to take into account more factors than high street lenders and this can be particularly beneficial for self employed nurses or nurses with other issues.

Book a free consultation call with us

Why not book a free consultation call with one of our mortgage and protection advisers?
Book a consultation

Can agency nurses get a mortgage?

The short answer is... yes. However, agency workers may find that they are able to borrow less, and may have to pay higher interest rates than NHS staff.

While as medical professionals and key workers, in reality your profession is stable regardless of your employment structure, many mortgage providers use quite simplistic metrics to decided whether someone is likely to make loan repayments. As such NHS staff, especially those with a long employment history are likely to be favoured by many lenders.

It may be valuable to work with a specialist mortgage advisor, particularly if you are an agency worker. A specialist mortgage broker will work with specialist lenders who may be more suitable for your circumstances. These potentially more suitable lendes understand the needs of healthcare professionals in more detail and may be able to offer a more tailored mortgage solution for your circumstance.

In any case, it is valuable to do your research and shop around for the best mortgage deals.

As a specialist broker, we help medical professionals of all types go through the mortgage application process. As well as offer free and impartial advice to help you get a mortgage for your needs. If you'd like to speak with one of our mortgage advisers, you can book a free call here.

What do you need to apply for a mortgage as a nurse?

Once you have an idea of how much you're looking to borrow, you'll need to begin looking for a suitable lender.

To put yourself in the best position to get a mortgage as a nurse, you'll want to deal with any significant issues, particularly bad credit. Your mortgage provider will run a credit check when making any mortgage application and this will be used to make a fair appraisal on your ability to borrow.

You will of course need to save money for a deposit in order to get a mortgage. If you are thinking of applying for a mortgage consider the financial implications of saving for your deposit. Unfortunately, with the cost of living many nurses find it challenging to pay rent, and cover their living costs will also saving money for a deposit.

When making a mortgage application, you'll need a range of documents that lenders (typically a bank or building society) will be looking for.

When applying for a mortgage as a nurse, you will need bank statements as well as to be able to demonstrate your income.

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Why not book a free consultation call with one of our mortgage and protection advisers?
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Are there government schemes aimed at mortgages for nurses?

While there aren't schemes specifically for the nursing profession, there are a range of options nurses can benefit from when looking for a mortgage. Many nurses will be able to apply for the NHS First Homes scheme which offers considerable discounts for people looking for first-time buyers.

As a nurse you may also be eligible for a range of key worker discounts and the key worker mortgage scheme.

If you're keen to learn more about available schemes for nurses mortgages, you can read our full blog post on the topic here.

There are also a range of mortgage discounts offered by specific banks and building societies, in addition to government schemes.

How we can help with mortgages for nurses

We are a specialist mortgage broker who works with a range of medical professionals across the healthcare industry. As part of our service, we offer impartial mortgage advice and are experienced in securing mortgages for nurses as well as other medical professionals.

Mortgage brokers have access to mortgage deals which may not be available from high street lenders. A mortgage broker can also guide you through the mortgage process and as professional mortgage advisers we offer entirely independent advice.

Book a free consultation call with us

Why not book a free consultation call with one of our mortgage and protection advisers?
Book a consultation