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NHS Mortgages – special deals for health service workers
One of the perks of working for the National Health Service is that you can find special deals on all kinds of services. There are even offers on financial products – so if you’re looking to buy a home, perhaps an NHS mortgage could save you money.
Am I eligible for an NHS Mortgage?
An NHS mortgage isn’t a specific product – the term describes the discounts or preferential rates that some mortgage providers offer clinical staff and other health service employees.
Whatever your role within the NHS, you should be eligible for these special offers. You will normally need to show ID or payslips to confirm you’re an NHS employee.
Are there any restrictions on an NHS mortgage?
Each mortgage lender based in the UK will have a different approach to its NHS discounts. You might find some mortgage companies will give you free or reduced mortgage fees, while others might offer lower interest rates. Some lenders could approve a mortgage with a lower than average deposit.
What’s important, though, is to make sure that the loan suits your individual circumstances. As with any mortgage you will be assessed based on your monthly income, credit score and size of deposit.
A Mortgage Broker can help seek out deals on mortgages for NHS staff. We will confirm that you’re eligible, compare the rates and fees and help with your application.
Can I access the NHS Key Worker mortgage scheme?
The key worker scheme was a government initiative aimed at supporting public sector workers like teachers, police officers and NHS workers to buy a home. The scheme is no longer operating.
What type of NHS mortgages are available?
The types of offer available for NHS workers are ever-changing, and it helps to have an idea of what you’re interested in.
Take some time to decide whether you need a joint mortgage, an interest-only/repayment or a variable/fixed-rate deal. Again, we can explain the pros and cons of each type of mortgage.
This is especially useful if you’re a First Time Buyer, but we also work with many clients who are remortgaging or moving house.
How much can NHS staff borrow?
Generally, lenders will offer around four to five times your salary. A mortgage calculator will give you an idea of the size of loan you could get, and what the monthly payments might be.
Make sure that the repayments on your mortgage will be easily affordable, because your home could be at risk if you fall behind.
Can NHS staff access Help to Buy schemes?
In addition to potential NHS discounts, some government schemes might make it easier for you to buy a home. These include:
Help to Buy – Guaranteed Mortgage Scheme
In March 2021 the government announced financial support to enable mortgage lenders to offer 95% loans, so that people can buy a home with just 5% deposit.
Help to Buy – Equity Loan
The Equity Loan scheme also means you can buy with just 5% deposit – but if you’re buying a new-build home you can also borrow up to a further 20% towards the deposit (interest-free for the first five years). A bigger deposit means lower monthly payments.
Help to Buy – Shared Ownership
This scheme enables you to buy a share of your home, paying rent on the remaining share. Starting between 25% and 75%, you can increase your share over time.
Right to Buy
If you live in a council property or one owned by a Housing Association, the Right to Buy scheme helps you buy the home with a discount. The size of the discount depends on how long you have been a social housing tenant.
Should I talk to a Mortgage Broker about NHS mortgages?
Our job is to make it easy to explore your mortgage options and find a suitable deal. We’ll get to know you, ask about your property plans and research appropriate NHS discounts that could help you buy a home.
We will even manage the application process on your behalf and support you at every step on your journey to a new home. Our expert team has helped lots of NHS staff find a good mortgage deal.
We are authorised and regulated by the Financial Conduct Authority, and our registered office and website are subject to the UK regulatory regime. You can rely on our mortgage advice, so let us help you achieve your property plans.