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6 Top Tips for getting an NHS mortgage

6 Top Tips for getting an NHS mortgage

For some NHS employees, accessing a mortgage can be the same as for all workers. But for others, it can be more difficult. For example, if you do bank hours, overtime or have non NHS pay, it can be more complicated. To help we have produced a guide with 6 Top Tips for getting an NHS mortgage. We hope you find this article helpful and please get in contact if you think we can help further.

6 top tips for getting an NHS mortgage
  • Tip 1: Find a mortgage broker that understands NHS mortgages

Your first step is to find a mortgage broker you can trust do work hard for you. Your broker needs to understand how NHS employees are paid, especially if you do bank hours, overtime, locum work or have non NHS pay. They will know how to package your earnings for the lenders so your application will be more likely to be accepted. You also need to find a broker who will be flexible with appointments, especially if you do shift work or work antisocial hours.

  • Tip 2: Be clear on your true earnings

To maximise your chances of getting a mortgage, your pay needs to be packaged correctly. Some high street lenders will only take into account your basic pay. But if your pay is more complicated, then your true earnings need to be taken into account. Make sure you are clear on how much you get paid for overtime, locum work and non NHS pay.

  • Tip 3: Look at the government schemes available

There are several schemes available that can help you to buy a house. These include the Mortgage Guarantee Scheme, Deposit Unlock, the Shared Ownership scheme and the Forces Help to Buy Scheme. The Government’s First Home Scheme also offers discounts for NHS workers. We understand how these schemes work, can help see if you would be eligible and whether they will save you money.

  • Tip 4: Consider New Build properties

Buying a new build can be an affordable solution. Some developers offer new build incentives. These might include having your stamp duty or legal fees paid or other incentives to entice you to buy. Some lenders also offer discounts for key workers. Lenders will take these incentives into account when considering how much to lend you. New Build incentives can reduce the amount you will be able to borrow. Our team will be able to advise you as to whether new build incentives will impact on your mortgage.

  • Tip 5: Get your finances in order

No matter which deal you choose, all mortgage lenders will want to assess whether you can afford your mortgage. The tests will include a look at your income vs your expenditure. So, it’s important that you’re able to show you are keeping your finances in order. We often advise clients to pay off any loans, cut back where you can, keep on top of regular payments and get yourself on the electoral role as a minimum.

  • Tip 6: Get an AIP

Before you step into an estate agent, make sure you have an Agreement in Principle. Your Mortgage Broker will be able to provide this for you. This will let your Estate Agent know that you can afford to buy the house you are looking at. This will help you with negotiations and many Estate Agents will ask to see one before showing you properties.

Dan Allen Mortgage Broker in Andover

How Your Mortgage Expert can help

We hope you have found our 6 Top Tips for getting an NHS mortgage useful. If you have any further questions, then why not get in touch?

Our small, friendly mortgage advice team is based in the heart of Wiltshire but we can help you no matter where you live in the UK. Your Mortgage Expert can arrange face to face appointments at a time that suits you if you are near to one of our brokers. Or we can carry out everything over the phone or via video call.

About our team:

  • We have appointments that can fit around your shift work
  • We understand about how NHS mortgages work
  • Experience with placing mortgages when your salary doesn’t reflect your true earnings
  • Over 80 years of experience in the mortgage and protection industry
  • We have over 100 five-star reviews on Google
  • Have helped hundreds of buyers get the home of their dreams

We do things differently at Your Mortgage Expert. You work hard and we would love to work hard for you. Whether you are a Doctor, GP, nurse or other Medical Professional we would love to help.

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