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Mortgage Advice for Nurses

How do I get a mortgage as a nurse?

Whilst there are Mortgage Lenders who specialise in lending to nurses, there is no one mortgage product aimed at nurses. The good news is, specialist mortgage brokers are capable of navigating the challenges nurses may face when applying for a mortgage, meaning they are more likely to be able to find a mortgage that works for you.

What challenges do nurses face?

Nurses often face challenges in obtaining a mortgage due to the complicated nature of their shift patterns and potentially complex employment types, which can make it difficult for lenders to establish a reliable picture of a stable income history.

If you receive unsocial hours payments, shift bonuses, split shifts and overtime payments or top up hours or pick up bank shifts, some high street lenders may struggle to calculate the fluctuation in pay.

Employment types can also vary quite widely, from those exclusively employed by the NHS or privately, to a combination of the two. Short term contract work such as bank work and agency nurses, and particularly those who are newly qualified or self-employed, will struggle to provide adequate records for most lenders.

Can agency nurses get a mortgage?

It is possible to get a mortgage as an agency or bank nurse, however, your choice of lenders may be less than your employed counterparts have. Mortgage Brokers who specialise in searching for mortgages for nurses are the most likely to be able to find a lender who will consider your application. It’s important that you show a stable employment history, so the longer you’re able to evidence this for, the higher your chances of obtaining an offer will be.

What mortgage options are available for nurses?

There are lots of mortgage options for nurses and you should have access to the full range of standard residential mortgages, providing you can meet the lending criteria.

The majority of nurses who struggle to obtain a mortgage offer are unable to meet the usual income or deposit requirements of standard residential mortgages. There are, however, a range of Government home ownership schemes that are available to all, and the application criteria will be easier for nurses to meet.

Help to Buy

The Help to Buy scheme offers mortgage applicants a loan of up to 20% (40% in Greater London) towards the cost of your deposit. It must be a new build home valued below £250,000 (£450,000 in London). You’ll only need to provide a 5% deposit yourself in order to qualify for the loan, this will then reduce the Loan to Value of your mortgage to 75%, making it far more achievable.

Shared Ownership

The Shared Ownership scheme is another way to tackle making a mortgage application if you have a lower income. It allows you to buy a share of the property (between 25-75%) rather than all of it. A mortgage to buy 25% of a house is much more affordable and therefore easier to obtain. The great thing about this scheme is that you are able to increase your ownership of the property, as and when you are able to.

One thing to note is that you’ll also have to pay rent, usually to the local council or housing authority, who owns the remainder of your home.

How much can I borrow as a nurse?

Your job title in itself has no impact on how much you can borrow, but as Mortgage Lenders use your salary and credit status to decide how much they’re willing to lend you, your nurse’s salary will.

How much you earn depends on your employer and the type of nurse you are, of course, as specialist nurses often earn more. A typical mortgage applicant can expect to borrow three to five times their annual income.

How Can CD Financial Help?

Here at CD Financial, our Mortgage Brokers can help you find those lenders who are sympathetic to the challenges nurses face. Whether you’re a first time buyer, moving house or remortgaging, our advisers will ensure you approach the lenders offering mortgage deals which most closely match your needs.

We work with nurses regularly and understand that the demands of your career mean that your time is limited. As well as making ourselves available at a time that suits your schedule, we can take the majority of the administrative burden out of the application process, keeping you informed of progress along the way.

Your home may be repossessed if you do not keep up repayments on your mortgage.