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Getting a Mortgage as NHS Staff: What You Need to Know

The world of mortgages is difficult to navigate even at the best of times, but for NHS staff it can be a little more complex. Most lenders look for stability and a consistent salary when making their final decision. But with varying shift work, irregular overtime pay, weekend shift pay or locum salaries, proving that isn’t easy when you work for the NHS. Whether you’re a first-time buyer or planning to remortgage your home, we’ll tell you everything you need to know about NHS mortgages.

Mortgage lenders can be tricky to deal with. No two mortgage applications are the same, but banks and other financial institutions have a very strict criteria when it comes to deciding who to lend their money to. The process can be long and tiresome, demanding extensive proof of earnings, eligibility and pay stability before any money changes hands.

Despite NHS work being an admirable and often well-paid career choice, sometime fluctuating salaries and inconsistent work patterns make it difficult to meet some lenders mortgage affordability criteria. 

Mortgages for NHS staff

When we hear the term ‘NHS mortgage’, it’s easy to jump to the conclusion that there’s a specific type of mortgage on the market reserved for medical staff. In the past, lenders often offered select discounts for nurses, doctors and paramedics alike, but this is no longer an option. However, some lenders offer a more favourable criteria to NHS staff.

By talking to a specialist, you can find out all of the most up-to-date options on the market. Just like regular mortgages, if you’re earning enough money, have a healthy deposit, and a solid credit history, we usually won’t have any trouble finding a deal that works for you.

For first-time buyers, home movers or people looking to remortgage, considering your financial situation is essential before agreeing to a deal. We will be happy to help you establish exactly what you are looking for, as well as what’s available to you.

Mortgages for Locum Doctors

There are almost 18,000 locum doctors in the UK, filling in temporarily for medical professionals on leave and relieving crucial gaps in NHS employment. Despite locum work being pretty common, many of these key workers find it particularly difficult to get traditional mortgages.

As well as managing the same fluctuating patterns as regular NHS staff, many locum doctors also have to deal with self-employment status, adding another complication to the mortgage process. 

But with the help and support of a REMOUK, you’ll be shown the options that work best for you. As well as finding you the most appropriate potential mortgages, we can offer you advice on how to present your situation to a lender.

Application tips for NHS mortgages

Despite 1.5 million people working for the NHS, getting a foot on the property ladder, moving home or re-mortgaging your home can still be a difficult process.

Here are our top tips on how to prepare yourself for your mortgage application.

1: Budget for your deposit and any additional costs 

When it comes to applying for a mortgage, staying in control of your financial situation is important. There are many additional costs associated with buying a home, including surveyor fees, solicitor costs, stamp duty, and more. As well as saving a lump sum deposit, you’ll need to make sure you’re equipped to handle all of the aforementioned costs too – and that’s before you consider any home furnishing requirements!

2: Consider mortgage schemes available to NHS staff

While they are not specific to the NHS, there are schemes available to support people with buying a home, especially first-time buyers. The British Government currently offers a Help To Buy Equity Loan, covering 20% of the purchase price on a new build home (40% in London). Schemes like this could be a great way to make buying a house and getting a mortgage a whole lot easier for NHS staff, so they’re well worth looking into.

3: For self-employed locum doctors, keep your records in check

If you’re a self-employed locum doctor or NHS bank staff, keeping your records up to date is essential. Recording your invoices, payslips and expenses will make self-assessment a lot easier and will make your application more appealing to mortgage lenders when searching for a deal.

4: Consult a mortgage advisor for the best rates on the market

We can provide you with an expert mortgage advice, source the best deals quickly, saving you time and money. We’re also well-equipped with knowledge of the housing market and are able to offer advice as and when you need it.

Talk to One of Our Specialists

Getting a mortgage as an NHS worker can feel like a daunting task, regardless of your situation. At REMOUK, we provide expert mortgage advice to NHS staff across the country, adhering to the guidelines set by the Financial Conduct Authority (FCA).

If you’re currently working in the NHS and are thinking about applying for a mortgage, give us a call on 0113 873 0113. We will do everything we can to help make the process that little bit easier for you. 

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.

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