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NHS Mortgages – Could You Benefit?
As an NHS worker you are performing an important job for UK society, and that brings with it both pride and financial benefits. If you’re looking to buy a home, it’s worth exploring whether mortgages for NHS workers will help you save money.
Who is eligible for an NHS Mortgage?Strictly speaking, there’s no such thing as an NHS mortgage – but some mortgage lenders offer discounts or preferential rates for clinical staff and other health service employees.
Generally, if you can prove that you work for the NHS, via payslips and ID cards, you should be eligible for these special offers.
Are there any restrictions on an NHS mortgage?The benefits on mortgages for NHS staff vary from provider to provider. Some schemes, for example, help you buy a property with a lower than average deposit, while others might offer a lower interest rate. Often lenders give NHS workers reduced mortgage fees.
As with all mortgages, every lender operates on different terms and conditions. To secure a mortgage that suits your individual situation best, it’s worth seeking advice. Your ability to borrow will still be dependent on your salary and any savings you have.
A Mortgage Broker will have good insights into which providers offer NHS-focused deals. They will confirm your eligibility and help with mortgage applications.
One question to ask when considering an NHS mortgage, is what happens if you take a job outside the health service during your mortgage term.
Am I eligible for the NHS Key Worker mortgage scheme?The key worker scheme was a government initiative designed to support NHS staff teachers and police officers in buying a home. This scheme is no longer operating.
What type of NHS mortgages are available?It’s certainly worth looking out for special deals, whatever type of mortgage you are looking for. It might be a joint loan, a Buy to Let mortgage, an interest-only or fixed deal. It usually doesn’t matter whether you’re a First Time Buyer, moving home or looking to remortgage.
You might find details of mortgage discounts as part of your employee benefits package or accessible online as part of your staff information.
How much can NHS staff borrow?The amount you can borrow is unlikely to increase because you’re an NHS employee. Generally lenders offer around four times your salary, although this can sometimes extend to five times. It’s important to take a measured approach – make sure that you can easily afford the repayments on your mortgage, and don’t overstretch yourself.
Are there other homebuying schemes that are good for NHS staff?While it’s good to seek out mortgages that provide NHS discounts, there are a number of schemes worth looking at as they could make it easier for you to buy a home. These include:
Help to BuyThere are two government Help to Buy schemes, both of which are designed to make it easier to buy a home. They apply solely to new build properties.
Equity LoanThe Equity Loan scheme makes it possible to buy a property with just 5% deposit, as the government steps in and loans you up to a further 20%. You then take out a mortgage for the rest of the value. The government loan is interest free for five years.
Shared OwnershipThrough the Help to Buy Shared Ownership scheme, you can buy a share of your home and pay rent on the remaining share. The initial share is between 25% and 75% and you can increase your share over time.
Right to BuyIf you live in a council property or one owned by a Housing Association, the Right to Buy scheme helps you buy the home with a discount of up to £84,200 – or £122,300 in London.
NewBuyNewBuy is a government-backed scheme where you may be able to secure a 95% mortgage. Only certain new build properties are part of this scheme, so it will require some research in the area you’re looking to buy.
Could a Mortgage Broker help identify NHS mortgages?A broker can make it much easier to explore your mortgage options. We will start by getting to know you and your individual situation, and work with you to find NHS discounts on mortgages or other offers to potentially help you buy a home.
A Mortgage adviser can also deal with the application process on your behalf. When looking for a reputable broker, make sure they are (like us) an appointed representative – which means they are authorised and regulated by the Financial Conduct Authority.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Financial Conduct Authority does not regulate most Buy to Let Mortgages