Getting a mortgage using nurse bank income

As many of us will know to our cost, the NHS can be severely overstretched at times – especially when it comes to nursing staff shortages.

That is one of the reasons why the daily pay rates for nurses working through agencies or NHS Trust banks can sometimes be “much higher” than their permanently employed colleagues, explained a posting on the Nurses website on the 1st of March 2022.

But those appearances can be deceptive, explains to Nurses because if you are employed by a nursing bank you don’t necessarily earn the same pay every day. So comparisons can be misleading – and there’s no knowing whether you will be employed as an agency nurse every day.

If you are in search of a mortgage using nurse bank income, therefore, you might encounter particular challenges. Let’s see what those are.


Post Topics – Mortgage for nurses

Why can it be difficult getting a mortgage using nurse bank income?

Can I get an NHS nurse mortgage?

Are there mortgage discounts for nurses?

Help to Buy scheme

Shared ownership schemes

Next steps – Mortgage for nurses

FAQs- Mortgages for Nurses


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Why can it be difficult getting a mortgage using nurse bank income?

If there is one thing above all else that will concern any mortgage lender, it is the nature of your employment and the level and reliability of your regular income. That will be the lender’s measure of your ability to manage the monthly repayments, make them in full and on time, and continue to do so throughout the mortgage term.

If you are an agency or NHS Trust bank nurse, the problem is that you do not have a contract of permanent employment. That puts you at an immediate disadvantage as far as any potential mortgage lender is concerned, and you will most likely be regarded as self-employed.

The self-employed typically face more difficulties than others in securing a mortgage but can generally satisfy a lender’s request for proof of income by providing two or three years’ of audited accounts from their self-employed business.

But many bank nurses will find it very difficult to provide those details. With varying shift patterns – and the bonuses that sometimes come with them – the different nursing specialisations and changing overtime hours worked, nurses’ income may be complicated to predict.


Can I get an NHS nurse mortgage?

These challenges by no means rule out the possibility of getting a mortgage if you are a bank nurse. Your problem will be that many high street lenders simply will not appreciate the variability and inconsistency of your income type as a nurse – and your application may fail at the first step of assessing the affordability of any loan.

To avoid that outcome – which could adversely affect any subsequent application for a loan – you might want to consult a nurse mortgage broker for help in identifying those lenders specialising in mortgages for nurses and other NHS staff. These brokers may also provide detailed guidance throughout the whole mortgage application process.


Are there mortgage discounts for nurses?

A specialist mortgage broker – such as ourselves here at NeedingAdvice.co.uk – maybe even more useful in helping you negotiate the various schemes, including public grants and other initiatives, which may help secure the mortgage you need.

Many of these schemes are especially helpful to first-time buyers and those remortgaging because they lead to mortgages that require a smaller deposit.

A further significant advantage in your favour is that all nurses, including agency and NHS Trust bank nurses, along with other NHS workers, are defined by the government as “key workers”.

The various schemes and mortgages for nurses that are potentially within your reach include the following:

First Homes

  • this is a scheme specifically targeted at first-time buyers and those whom local authorities have designated as key workers;
  • homes sold under the First Homes scheme attract a discount of at least 30% – and up to 50% in some locations – on the market value, together with a deposit of just 5%;
  • the discount stays with the property in question, so that subsequent first-time buyers can also enjoy the benefits of the reduction in price;
  • the first key workers bought and occupied homes under this scheme in November 2021, and a further 1,500 First Homes will be rolled out across 100 different locations in England during the next two years;

Help to Buy scheme

  • this scheme for first-time buyers offers equity loans of up to 20% (40% in London) of the purchase price of a new-build home, interest-free for the first five years;
  • a 5% deposit is required, but this means that you could secure the remaining 75% mortgage at an attractive rate of interest;
  • the scheme runs until the end of March 2023;

Shared ownership schemes

  • shared ownership homes are provided by local councils, housing associations, and other organisations – who assume the role of “providers” or landlords;
  • homes can be new-build or existing shared ownership homes, and you can typically buy a share of between 25% and 75% (with the balance paid by way of rent to the landlord) – although some schemes offer shares as low as just 10%;
  • with a typical deposit between 5% – 10% of the value of the share you’re buying, the balance can be raised through an NHS nurse mortgage.

As you will see, the benefits of schemes such as these are that they offer a chance to own your own home – or a share in it – by putting down a smaller deposit and making repayments at a better rate of interest.

Next steps – Mortgage for nurses

If you work for an agency or NHS Trust, bank mortgages for nurses can be difficult to secure – not least because of your indeterminate regular earnings over time.

Nevertheless, a mortgage using nurse bank income is not beyond your grasp – especially if you call on the advice and guidance of professional mortgage brokers such as ourselves here at NeedingAdvice.co.uk.


FAQs- Mortgages for Nurses

Is it difficult to get a mortgage as a nurse?

Mortgage application for nurses is a complicated process and requires suitable financial advice. This is mostly, because of the variable income type of nurses. It is important to keep track of a nurse’s annual income and make sure that it meets the requirements of the lender. If you are interested in a nurse mortgage, you can contact an expert mortgage broker to start your mortgage application.


What are the main reasons why a nurse cannot get a mortgage?

There are several factors which play a part in determining whether a nurse can get a mortgage. The most common reason is that a nurse may have had a period of unemployment or reduced working hours. In addition, there are certain criteria that must be met before a medical professional can apply for a mortgage. These include:

  • A nurse must have a current salary history with their employer.
  • A nurse should have no outstanding debts.
  • In order to qualify for a mortgage, a nurse must have a good credit rating.
  • Some lenders could ask for full-time employment for a minimum of 12 months prior to applying for a mortgage.

There is also some other range of factors that could impact the loan application, so it is always better to contact an expert mortgage broker who can help you with a suitable mortgage deal.


How do lenders work out how much I can borrow as a nurse?

The amount of money you can borrow depends upon the size and type of property you want to purchase. There are different types of loans available depending on the size of the property. Lenders usually look at what type of property you intend to buy and then calculate the maximum amount of money you can afford to pay back as monthly payments. They then compare this figure against the amount of money you would need to put towards a mortgage. If you can afford to pay more than the amount needed, you can borrow more. If you are interested in starting on the property ladder in the UK as a staff nurse in NHS, you can contact an expert mortgage broker to grab you the most suitable and exclusive deal.


Will the lenders take my nights, shift allowances and overtime into consideration?

Your employer may allow you to claim certain expenses against your income tax. These include travel costs, child care costs, car parking costs and uniform costs. You can also claim interest paid on personal loans. When claiming these expenses, you must keep accurate records of them. This includes receipts, bank statements or invoices. Your employer may ask you to provide proof of your expenses if they think you are not keeping accurate records. banks and building societies have agreed to offer mortgage loans to NHS staff and nurses. Therefore, there will not be any need to explain the different allowances.


Can I get a mortgage as a nurse?

Yes, if you are a qualified nurse, you can get a mortgage from a bank. As a qualified nurse, your income may be variable because of working hours, shifts and holidays. However, you still need to meet the basic eligibility criteria set by the lender. A nurse needs to have a stable income and a good credit score. It is best to speak to a mortgage adviser about getting a mortgage as a healthcare professional.


Can I get a nurse mortgage with bad credit history?

If you have a poor credit report, you might find it difficult to get a mortgage. However, there are ways to improve your credit score. For example, you can try to make sure all your bills are paid on time. You could also consider paying off any debt you have. Finally, you could start saving regularly. By doing this, you will build up a positive record of payment and increase your chances of improving your credit score.