Mortgages For Nurses
Everything you need to know about Mortgages for Nurses.
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Are There Special mortgages for nurses?
You’d like to think they would. But unfortunately Nurses pretty much have access to the same Key Worker mortgages as everyone else. The main difference between Key Worker mortgages for Nurses is how you are paid. Your pay slips can be quite complicated, and ensuring the lender understands them is key to your mortgage application.
Can a nurse buy a house?
Of course! We help Nurses buy homes. Your pay can seem complicated but actually it’s quite straightforward for Lenders and they know what you do. If you are wanting to buy a house you should first speak to your Bank or a specialist Key Worker Mortgage advisor and find out how much you can afford. Next they will get you a mortgage in principle, this is just an agreement from a lender that in theory they will lend you a certain amount. Once you have that you can go house hunting! It’s important to do it in the right order, it will make the process go much smoother.
Do NHS staff get mortgage discounts?
Again unfortunately NHS staff do not. There are no discounts available on Key Worker mortgages. As a nurse you can access the same products as other professionals. You can however get a discount on your mortgage advice. At Albion Forest Mortgages we specialise in Key Worker mortgages and as a thank you, we waive our broker fees.
Are there mortgages for nurses as a student nurse?
Potentially you can. It’s certainly worth giving us a call to see if we can help. Sometimes whilst studying you are still eligible for a mortgage. If you have a job placement lined up or are newly qualified you can potentially use that income. If you are receiving bursary income some lenders will even take that income if you have a plan for getting a job at the end of your training. We have lots of clients in the same boat so if you want to have a chat about it, get in touch.
Is it difficult to get mortgages for nurses?
It’s not overly difficult for you to get mortgages for nurses. Your job has been around a while to say the least, so lenders have probably seen payslips like yours before. The best thing to do is have a specialist mortgage broker package your application so that it is easy for the lender to understand. You also have specialist Key worker mortgage schemes for Nurses.
How do lenders work out how much I can borrow as a nurse?
Most lenders take your income (Which can be various sources including your basic salary, overtime etc.) and then remove your outgoings such as credit cards, loans etc. This allows them to work out how much they are willing to lend to you. Some lenders will lend you more than others usually.
Will the lenders take my nights, shift allowances and overtime into consideration?
Usually they will, as a Nurse you likely do regular overtime, night shifts etc. Lenders tend to take an average of your last 3 months and work out how much you earn in a year. As long as the last 3 months pay slips show similar amounts of the different parts of your income it should be fine. It’s worth speaking to a specialist mortgage broker in advance to see how much you can borrow.
I have both employed and self employed nurse income. Will I be able to use both?
Some lenders will consider both income streams. Not many though so it’s worth speaking to a specialist. It will also depend on how long you have been receiving the self employed income and in what way you have set up to receive it.
Will income from bank and nurse agency work be taken into consideration?
As with anything to do with income assessment by Lenders it will vary from lender to lender. Some will consider both which may mean you can borrow more. Agency work is common for nurses and you will need to be able to evidence your income.
Can newly qualified nurses get mortgages for nurses?
Yes! We specialise in New qualified professionals at Albion Forest Mortgages. The good news as a Newly Qualified Nurse you can probably get a mortgage straight away. As we mentioned before your job has been around a while to say the least, and therefore lenders have seen and understand it quite well.
Can agency nurses get mortgages for nurses?
Absolutely. It’s really common to work for an Agency as a Nurse. With this in mind Lenders have probably seen it a few times before, and are therefore quite understanding. As with other area’s they will usually take an average of three months pay slips. As long as they are all relatively similar it should be fine.
If I’m a Nurse on a temporary or short term contract can I get mortgages for nurses?
Whilst this makes getting a mortgage more of a challenge, it’s still potentially ok. You may find lenders want more evidence of your past income to support your future income. You may also find that they may want to know what your plan is after your contract ends. It’s worth speaking to your Bank or to a specialist Key Worker mortgage advisor to find out more.
I’m a self employed Nurse or Carer, can I get mortgages for nurses?
Yes! We specialise in both Nurses and the Self Employed. It’ll make your application a bit more unconventional though. Self employed income can be complicated. Also lenders vary so much on how they assess self employed income. So it’s really best to speak to a specialist mortgage advisor.