NHS Mortgages

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Mortgages for NHS Professionals

Employing 1.5 million people, the NHS is one of the UK’s largest employers.

Whether you’re a doctor, nurse or dentist, knowing the options you have when it comes to owning your own home as an NHS employee is incredibly important and although it may feel overwhelming, particularly if you’re a first-time buyer, there’s lots of information available to help you make the right decision.

To help, we’re here to give you all of the information you need when it comes to owning your own home as an NHS employee, specifically looking at NHS mortgages.

What is an NHS mortgage?

If you’re looking for a mortgage specifically designed for NHS employees, you may notice that there’s not an exact product called an NHS mortgage.

The term itself is not used to describe a stand-alone mortgage, instead, it describes specific brokers who can tailor their approach to the needs of NHS workers. There were lenders that were previously able to offer NHS employees discounts, which is why you may often hear the term ‘NHS mortgages’ or ‘NHS mortgage scheme’ within the workplace, however, these are no longer available.

Who are mortgages for NHS staff aimed at?

In order to apply for an NHS mortgage, you must be employed on a permanent basis as clinical staff. You must also be employed by one of the following:

  • GP Surgeries
  • Primary Care Trusts
  • NHS Direct
  • Ambulance Trust
  • NHS Dental Practices
  • National Blood Transfusion Services
  • Mental Healthcare And Social Care Trusts
  • Health Protection Agency
  • Other NHS Trusts

What type of NHS staff mortgages are available?

As you can’t get a specific mortgage as an NHS employee you need to spend some time researching lenders and brokers, like us, who specialise in mortgages for NHS staff instead, as we might be able to help you find a mortgage.

Whilst you can still apply for a number of different mortgages, it’s important you’re doing as much research as possible to ensure you’re choosing the best option for you. Whether that’s a buy-to-let mortgage, joint mortgage or the help to buy scheme, the more knowledgeable you are the better.

Does an NHS staff mortgage have any restrictions or limitations?

The good news is NHS staff have access to the huge range of mortgage products available. They’re assessed for a mortgage based on their income and expenditure, as well as their previous credit history.

On previous key worker schemes, there were a number of restrictions when it came to NHS mortgages, including your position within the health service.

On these schemes, all clinical staff were considered for discounted NHS mortgage schemes. If you’re considered medical staff, such a doctor or dentist however, you weren’t able to apply for a discount.

You were also not eligible if you work in an admin or domestic position, or if you were considered a porter.

Is there an alternative to the NHS key worker mortgage scheme?

To put it simply, if you are considered to be a clinical member of staff as outlined above, the government would class you as a key worker.

Although the key worker scheme is sadly no longer running, there are plenty of other affordable housing scheme mortgages available for NHS workers. Typically, these are mortgages that may have lower interest rates, smaller deposits and other helpful discounts.

Suitable mortgages include the help-to-buy scheme, shared ownership and the NewBuy scheme. If you’re unsure which one is best for you, you can speak to a member of our team.

Are there special discounts on mortgages for NHS workers?

As mentioned above, there are providers that offer certain incentives on their mortgages, but these aren’t necessarily reserved for NHS staff. Depending on your circumstances, you may find that these discounts are available to both current NHS workers and retired employees of the NHS. If you’re unsure, it’s best to speak to a professional.

For example, if you choose an affordable housing scheme mortgage an example benefit could include buying a property using a smaller deposit, as well as a reduction in loan fees for a fixed number of years.

How much can you borrow on NHS mortgages?

Applying for an NHS mortgage is the same as applying for a standard mortgage, as you’ll need to prove you’re able to pay back a certain amount each month.

To assess how much you can borrow and how much you’ll be paying back, you will undergo a quick affordability test. This will look at your NHS pay band, your monthly outgoings and your age.

Following your assessment, your monthly payments will be based on how much you borrow, the length of time you’re borrowing for and the interest rate you have agreed on.

How do I find out further information?

For more information about NHS mortgages and what is available to you, you might want to consider contacting a member of our team directly. Not only will we be able to answer any further questions you may have but we will also be able to advise you of the best possible scheme for you.