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NHS Mortgages – discounts for health service employees
When you work for the National Health Service many brands and services have special offers for you. That includes offers on financial products – so if you’re looking to buy a home, an NHS mortgage offer could save you money. We can help you explore all the options.
Am I eligible for an NHS Mortgage?
Whether you meet the requirements of an NHS mortgage could vary by lender. Some may expect you to be a permanent member of clinical staff, while others might exclude doctors or dentists from their special offers.
The details change all the time, so the best way to explore your options is to talk to a broker. You will normally need to show ID or payslips to confirm you’re an NHS employee.
Are there any restrictions on an NHS mortgage?
As an NHS employee you may actually find that there are fewer mortgage restrictions.
You will have access to most of the mortgage market, with some lenders offering you free or reduced mortgage fees as an NHS worker, while others might offer lower interest rates. Some lenders might let you take out a mortgage with a lower than average deposit.
As with any mortgage you will be assessed based on your monthly income, credit score and deposit. We will help you help seek out deals on mortgages for NHS staff and compare them with standard and specialist mortgage offers that will suit you. By checking the eligibility criteria and looking at the rates and fees we will recommend the most cost-effective options.
Can I access the NHS Key Worker mortgage scheme?
The government’s key worker mortgage scheme is no longer operating. The idea was to support public sector workers like teachers, police officers and NHS workers to buy a home, but it has since been replaced by other homebuying schemes.
What type of NHS mortgages are available?
You will be able to find all kinds of mortgages, with and without NHS discounts. It helps to have an idea of what you are looking for from your mortgage product.
One of the early decisions when you buy a home is the type of mortgage you want: a joint mortgage, an interest-only or capital repayment arrangement or a variable/fixed-rate deal. We can walk you through each type of mortgage and explain the pros and cons.
First Time Buyers find this service particularly useful, but we also work with many clients who are remortgaging, moving house or looking for a Buy to Let mortgage.
How much can NHS staff borrow?
As a rough guide, lenders tend to offer around four to five times your salary. They will look at your income and outgoings to make sure that the repayments on your mortgage will be affordable.
They will also look at your credit score to understand whether you have ever had any debt issues. If your credit is less than perfect you can still buy a home, but you may have a narrower choice of lenders and deals.
Can NHS staff access Help to Buy schemes?
Many NHS staff find that the government’s home buying schemes make it easier to buy a home. These include:
Guaranteed Mortgage Scheme
The government has provided financial support so that mortgage lenders can offer 95% loans, so that you can buy a home with just 5% deposit. Many lenders are now offering these deals to First Time Buyers.
This scheme enables you to buy a share of your home, paying rent on the remaining share. Starting from 10%, you can increase your share over time.
This new government scheme provides a 30% discount on new homes for First Time Buyers
Local authorities help to decide who buys these First Homes and will prioritise Key-workers.
Right to Buy
If you live in a council property, the Right to Buy scheme entitles you to buy the home with a discount. The size of the discount depends on how long you have been a social housing tenant.
Neither Mint Mortgages And Protection Limited nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked sites
How can Mint Mortgages & Protection help me find NHS mortgages?
Our job as a Mortgage Broker is to make it easy to explore your options and find a suitable loan. We will get to know you, your situation and your property plans to find a mortgage that meets all your needs. Our expert team has helped many NHS staff buy a home.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE