Student Nurse Mortgage
Everything you need to know about getting a Student Nurse Mortgage
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Can You Get A Student Nurse Mortgage?
Yes you can! Or rather there are mortgages that are perfect for a Student Nurse Mortgage. When you are a student you likely have complicated income that many lenders won’t accept. For example you may have bursary income that is non standard. You may also be doing agency work whilst training.
If you are considering a student nurse mortgage you will probably need a specialist mortgage advisor to guide you through the process. It is also important that you case is packaged correctly for the lender to give the best chance of approval.
Do Nurses Get Special Mortgages?
Sort of. Nurses may have access to specialist products for Key Workers that others may not have access to. However they may not always be the best choice for you. When you’re considering getting a mortgage it’s important to consider all your options. This is why most people save money by using a Mortgage Advisor.
What Mortgage Can A Nurse Afford?
This will vary depending on lots of factors. Your income being the biggest one. Where does your income come from, is it all from one employer? Also it may not just be a basic wage, you likely have overtime, night pay etc. Working out how much you can afford isn’t as simple as many people think. However if you can spare us ten minutes over the phone we can tell you, and we will do it for free.
Why Do Nurses Struggle To Find Suitable Mortgages?
Usually due to your income being complicated. As we mentioned before you will probably have different aspects of your income. Some lenders may only take 50% or 30% of additional income streams like overtime or night pay. However some certainly do take 100% of these, so it’s worth speaking to a professional to find out which is best for you.
Can A Newly Qualified Nurse Get A Mortgage?
Absolutely. When you are newly qualified you may be on a shorter term contract and you probably have student debt to repay. However there are lenders that understand this and will still lend to you. You will also probably have less income evidence than someone that has been employed for years.
How Much Deposit Will A Student Nurse Need?
You’ll usually need at least 5%, however the more the better. With a 5% deposit your options will be quite limited. If you can, try and get a 10% deposit and you will have many more options.
Can I Get A Mortgage As A Bank Nurse?
Yes! However lots of lenders don’t like Bank work as it can be unstable. Some lenders however understand that many medical professionals do this. You may need to provide more evidence and if you’ve just started Bank work you may not be able to use this income.
What Schemes Are Available For A Student Nurse Mortgage?
Government First Homes Scheme
The Government First Homes Scheme has not been released yet. What we do know is that it will be a minimum 30% discount on an eligible New build property. The government have said it will be for First Time Buyers and Key Workers. Making it the go to for a Student Nurse Mortgage.
Government Help to Buy Scheme
This scheme is for First Time Buyers. It offers a 20% equity loan, interest free for five years. This allows you to get a 5% deposit and a 75% mortgage, often getting you a better rate than
Shared Ownership Scheme
The Shared Ownership Scheme allows you to part rent and part buy your home. This means you need a lower deposit and can get on the property ladder with a lower income.
How Can I Compare Student Nurse Mortgage Providers?
You can go to each lender and get their product information, these are the go to lenders for a Student Nurse Mortgage:
- Leeds Building Society
- West Brom
- Virgin Money
However you would probably find it easier to let a Mortgage Advisor do this for you. Most people save money by using a Mortgage Advisor as well.
Student Nurse Mortgage Calculators
We don’t have a Student Nurse Mortgage calculator. There is too much going on with a Nurse’s income to have a simple one. However we can tell you, it’ll take us around ten minutes over the phone to work it out for you, and we’ll do it for free. If you would like to know how much you can borrow get in touch and we’ll tell you.
How Does Student Debt Affect Mortgage?
Student loans can affect how much you can borrow. In fact your overall debt affects it. If you have credit cards, hire purchase agreements etc. they will all be taken into account for a mortgage. Different lenders will look at debt differently, so it may reduce what you can borrow with one but not with another.
Can Mature Students Get A Student Nurse Mortgage?
Yes absolutely! In the same way as everyone else can get a mortgage usually. If you are a Mature student your income may be complicated, you may have bursary income or bank work income.
Lenders review Mature students the same as everyone else, that said some lenders will take your various aspects of income better than others.
Types of Student Nurse Mortgage Available
Fixed rate mortgages
Fixed rate mortgages are probably the most popular type of mortgage. Your rate of interest is fixed for a set amount of time. This means that your monthly payments are the same each month giving stability. However this type of mortgage will often have an early repayment charge attached to it. Therefore if you try to redeem the mortgage in this fixed rate period you have to pay a fee.
Tracker rate mortgages
Tracker rate mortgages generally track the Bank of England Base rate. This means as the base rate goes up and down over time your monthly payments will do the same. These types of mortgages often don’t have early repayment charges so can be quite flexible.
Discount rate mortgages
Similar to Tracker rate mortgages, discount mortgages are variable. They tend to be a discount on the lender’s standard variable rate. This therefore means as the lender adjusts their variable rate your interest rate goes up and down as well. Therefore your monthly payments go up and down too. Like tracker rate mortgages they often won’t have early repayment fees making them more flexible.