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NHS Mortgages – What you need to know
NHS mortgages are available for all permanent clinical staff of the NHS. If you’re an employee of the NHS, you could be eligible for a range of mortgages. It’s important to speak to a Mortgage Advisor with specific knowledge of NHS contracts and how these affect mortgage applications and offers. An Advisor can give you tailored information on what exactly you’re eligible for and which types of mortgages suit your individual requirements. As a member of the NHS, you might also be entitled to key worker benefits. Here is an overview of mortgages, from type to eligibility.
Who is eligible for an NHS Mortgage?
In order to be eligible for a mortgage, you need to be a permanent member of clinical staff. Your employer must either be GP Surgeries or Primary Care Trusts or other official bodies. There’s no such product as an NHS mortgage specifically, but there are benefits that come from being an NHS worker.
In order to get the benefits of a mortgage, it’s a good idea to find a Lender who specialises in the needs of NHS workers, and can offer deals based on these. Clinical staff are key workers which means they’re entitled to several schemes to encourage people to get on the property ladder.
For a mortgage you need to have a permanent contract as a clinical member of staff. If you are a permanent employee of one of the following then you are likely to be eligible:
- GP surgeries
- Ambulance Trust
- Primary Care Trusts
- NHS Direct
- National Blood Transfusion Service
- NHS Dental Practices
- Health Protection Agency
- Mental Healthcare and Social Care Trusts
- NHS Trusts
Are there any restrictions on a Mortgage?
Lenders tend to set up mortgages for clinical staff as opposed to medical staff. This rules out doctors and dentists but also certain admin or domestic staff and porters. Clinical staff, however, are entitled to a wide range of mortgage products.
All NHS staff will be assessed against certain criteria for a mortgage. This criteria is relevant to your position, contract and income. Lenders will also consider your savings and expenditure in order to assess your financial status. You will need to have a credit check to determine which type of mortgage you’re eligible for.
Am I eligible for the key worker mortgage scheme?
If you are a key worker as described you will be eligible for a key worker mortgage scheme. This includes permanent clinical staff of the Healthcare Trusts and bodies listed above. Several types of key workers schemes will be available to you.
In order to find out about your eligibility, speak to a certified Mortgage Advisor. At CD Financial, our experts have specialist knowledge on mortgage criteria. Speak to one of our friendly Advisors to discover which deals you could get on your mortgage.
What type of mortgages are available?
There are Lenders that specialise in mortgages for clinical staff and key workers. There are several different types of mortgages that will come with added benefits for NHS workers. Types of mortgages as standard can include:
- First Time Buyer (FTB)
Get discounts and a reduced deposit on your first mortgage if you’re not already an existing homeowner.
- Buy To Let (BTL)
This is for those of you who are interested in buying a property to rent out as an investment. A Buy To Let mortgage typically requires a higher deposit.
- Shared Ownership
This particular scheme allows NHS workers to take out a mortgage on part of a property with other investors.
- Remortgaging options
If you are a permanent member of clinical staff and you already own a property, you could be entitled to NHS remortgaging options. This allows you to opt for a better deal or lower your monthly payments, for example.
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Do NHS workers get discounts on Mortgages?
There are several schemes that offer NHS workers a discount. There are no set discounts, however, and this depends on the Lender. Some providers offer clinical workers discounts on mortgages. Key workers are also eligible to apply for the following schemes.
Help to Buy is a scheme started as an incentive for first time buyers. It’s a Government funded initiative to encourage people to get on the property ladder. The Government gives buyers 20% towards their property as an equity loan.
Shared Ownership, as mentioned above, is a scheme in place to encourage potential buyers who may not be able to afford an entire property. Certain Lenders may also offer discounts on deposits and interest rates as an incentive. You can choose to buy between 25% and 75% of the property.
Right to Buy mortgages for NHS workers usually have a reduced or no deposit. If you live in a house as a tenant you can qualify for a discount to buy. Most mortgage Lenders ask for at least three years as a tenant, but the discount increases each year that you’re renting.
There are also New Buy schemes in place. This is a Government-backed initiative allowing more borrowers to take out a mortgage with a 5% deposit on new-build properties from participating builders in England. This scheme is available to clinical staff who are either first time buyers or existing homeowners.
How much can NHS staff borrow?
How much NHS staff can borrow depends on their personal circumstances. Your Mortgage Broker will calculate how much you can borrow based on your credit score, incomings and outgoings. You will be able to receive discounts of offers according to various schemes, but it depends on the type of mortgage you opt for.
Speak to a Mortgage Advisor about which type of NHS mortgages you’ll be eligible for. An expert at CD Financial will be able to find a suitable deal for you, based on your own unique situation. They will be able to advise you on which schemes and discounts you could be entitled to. If you would like more information about NHS mortgages speak to one of our specialist advisers.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Some buy to let mortgages are not regulated by the Financial Conduct Authority
YOUR HOME/PROPERTY MAYBE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE
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