Newly Qualified Nurse Mortgage

The definitive guide to getting a Newly Qualified Nurse Mortgage.

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Can I get a Newly Qualified Nurse Mortgage?

When you’ve just qualified you may not have started your new job yet. You can apply for mortgages even before starting your first job. This means you can happily get Key Worker mortgages for newly qualified nurses.

As a Newly Qualified Nurse you may be looking to move to be close to where your new workplace will be, but without a few months of work history you wouldn’t fit most high street lenders. This is where speaking to a specialist mortgage advisor comes in, allowing you to get a mortgage before you have even started. Sometimes even whilst you are training.

Specialist Mortgage Advisers For Nurses

Why speak to a specialist? The same applies with Mortgages as with anything, if you want to get the best advice, you speak to a specialist. When you’re sick, they send you to a specialist in the area needed to get the best advice. The same applies with Mortgages. If you want the best advice for the area you are in, you need to speak to specialist Key Worker Mortgage advisors for Nurses. When you’re training to be a Nurse or looking for a newly qualified Nurse mortgage your in a very select group. That’s why it’s best to speak to a Newly qualified Nurse mortgage Advisor.

Key Worker Mortgages For Newly Qualified Nurses

Whilst technically there are no Key Worker Mortgages for Newly Qualified Nurses. There are products and lenders that are a better fit for you. Whether you need a Newly qualified Nurse mortgage or are still training you can usually be eligible for a mortgage. Whilst training you may be in receipt of a Bursary income, as long as you have a plan for getting a job afterwards this can be used toward a mortgage application. Lenders will want to see that you can support the mortgage going forward. As a Nurse lenders are often happy to lend before you start work as your job is well known and usually secure.

Newly Qualified Nurse Mortgage Schemes

Unfortunately there are no specific Newly Qualified Nurse Mortgage Schemes, however there are schemes available to you.

First Homes

When it is released this scheme will be perfect for Newly Qualified Nurses. Unfortunately despite the government announcing it, we haven’t been told when it will start. Essentially this scheme gives you a minimum 30% discount on an eligible New Build property. It will be open to First time Buyers and Key workers, therefore Newly Qualified Nurses!

Help To Buy

This is the current government scheme. You get a 20% (40% in London) equity loan toward the purchase of an eligible New Build house. This allows you to put in a 5% deposit and get a 75% mortgage. Therefore you tend to get a better rate of interest on the mortgage.

Shared Ownership

Shared Ownership has been around for years. This scheme allows you to part purchase and part rent your property. This is perfect for people with low income or low deposit. As a Newly Qualified Nurse your salary may start lower and increase over the years. The shared ownership scheme usually allows you to purchase more shares of your property over time.

Right To Buy

If you are currently in a Council Property you may benefit from this scheme. It allows eligible council tenants to purchase their home from the Local Authority at a discounted rate. As long as you keep the property for a set amount of time. Speak to your local council to see if you are eligible for this scheme.

Newly Qualified Nurse Mortgage With Bad Credit

If you have Bad Credit you may struggle to get a newly qualified Nurse mortgage. There are still options available to you though. It may be best to speak to a specialist mortgage advisor to make sure you are applying to the best lender. Alternatively you can do the research yourself but with tens of thousands of mortgage products available, it may take you a while.

How Quickly Can A Newly Qualified Nurse Apply For A Mortgage?

This varies depending on the Lender, but some even before you qualify! Some lenders will consider you whilst you are training. Working in healthcare is a relatively stable occupation, this means Lenders quite like it. Just make sure you pick the right lender and do the research. As lenders change their criteria often we can’t tell you exactly which lender will be best without speaking to you unfortunately.

Do Nurses Get Special Mortgages?

Yes and no. There are Key Worker mortgages that are a better fit for Nurses, and even products and lenders that specialise in Key Workers. Some lenders are better at understanding your income and how you are paid. Others are good if you are training and receiving Bursary income.

What Mortgage Can A Nurse Afford?

This varies from lender to lender. It would be quite easy for us to say you can get 4 times your income, but so much more is taken into account. It’s not just based on how much you earn, but also your outgoings, and what they are for. Also it varies a lot from one lender to another. You may get 4 times with one lender, and 5 times your income with another. The answer is to either do some research and see who will lend you the most, or speak to a mortgage broker and they can go through your options and who will lend you the most.

How Long Are You A Newly Qualified Nurse?

This varies depending on your position, employer and contract. Usually between 4-12 months. You should be able to find out from your contract. You will also find your work benefits change as time goes by, this may affect what protection policies you need for your mortgage.

Which Is The Best Newly Qualified Nurse Mortgage Provider?

This is the million dollar question. The answer is that there isn’t one. It will vary from one person to another which is the best for you. If you are looking for a newly qualified nurse mortgage there may be a good fit with some lenders. Your overall situation is all taken into account when you are getting a mortgage, and which lender is best for you will depend on a lot of different factors.

Buy To Let Newly Qualified Nurse Mortgage

Nurses, and even those looking for a newly qualified nurse mortgage shouldn’t have any problems with a Buy to Let mortgage. As a Buy to Let mortgage is usually for business purposes, i.e. to make money, it’s usually best to speak to a mortgage broker. It doesn’t necessarily need to be a specialist for Nurses though, as a Buy to Let shouldn’t be affected by your employment too much.

Got another Newly qualified nurse mortgage question we haven’t answered? Try our main Key Worker page or one of our other Nurse Mortgage pages. If still no luck, Get in touch!

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