The NHS has more than 1.2 million employees in the UK as of January 2021. There are many doctors, nurses, dentists, and other healthcare workers who are interested in getting the NHS mortgage to buy residential and buy-to-let properties. Here in this article, we will explain all about the mortgages for NHS employees in the UK. If you are working in National Health Services in the UK, this guide will help you to get the most suitable mortgage product for yourself.
Over the years, we have received enquiries from various medical professionals regarding the best mortgage products for them. We have also come across many questions on finding the right mortgage for NHS employees. So, here is our comprehensive guide on what you need to know before applying for the NHS mortgage.
Mortgages For NHS Staff
Firstly, we want to ensure that the term NHS mortgage is not used to define a standalone mortgage, but it’s a broader term which describes specific lenders who specialise in providing the mortgage to people working in NHS UK. Whether you are a doctor, dentist, nurse or medical professional, there are different types of mortgages available for you. The main difference between these mortgages is their interest rates.
We have worked with many medical professionals, such as doctors, nurses, dentists etc. and helped them to secure the most suitable mortgage deal with these specialist mortgage lenders.
In this article, we will write about the mortgages for all the NHS employees, but if you want to know about specific professionals, you can read the below articles.
If you are interested in any of the professional mortgages, you can contact one of our team members, and we can connect you with the most suitable mortgage lenders in the UK for such mortgages.
What Is An NHS Mortgage?
No mortgage product is known as an NHS mortgage; however, there are specific mortgage products that are suitable for employees working with the NHS. These include:
NHS Buy To Let Mortgages
NHS Buy To Rent Mortgages
As mentioned earlier, the term NHS mortgage does not mean a standalone mortgage, but it means a loan provided by a lender specifically designed for NHS staff.’ There are many lenders who call these mortgages by different names, such as ‘NHS Mortgage’, ‘National Health Service Mortgage’, professional mortgages, medical employee mortgages etc.
The primary thing is that you have to full fill all the criteria set by these lenders for such mortgages. For example, you have to submit your payslips, NHS contract, job offer letter etc. so it is better to contact a specialist mortgage broker before starting your mortgage application process.
Who can Get an NHS Mortgage?
You can apply for an NHS mortgage if you are employed in the NHS sector. You should be aware that some lenders may require you to work for at least 2 years in the NHS before they consider you eligible for a mortgage. However, some lenders do not require you to work for two years in the NHS UK. It is always better to contact a specialist mortgage broker for your application as an NHS employee. A mortgage broker can help you with the recent mortgage schemes started by the Uk government for NHS workers.
What Mortgages are Available to NHS Staff?
Individuals who are working with National Health Service have a similar mortgage but affordable mortgage products available to them. There was a keyworker mortgage scheme that was sadly not available today, but there are other affordable property schemes
Some of the popular schemes include are:
If you are interested in learning more about these available schemes, you can read our guide for keyworker mortgages.
What are the best mortgages for NHS Staff?
There are many mortgage products specifically designed for NHS Staff members such as doctors, nurses, pharmacists, dentists etc. There are many schemes such as help to buy, shared ownershipA scheme where a borrower purchases a share of a property an... etc. that apply to NHS workers also. The main thing is that you need to meet certain criteria set by the lenders for these mortgages. If you are looking for a mortgage that suits your needs, then you can contact us, and we can help you with the most suitable mortgage product for you.
Is there an alternative to the NHS key worker mortgage scheme?
Yes, there are several alternatives to the NHS key worker scheme. Some of the popular alternatives to the NHS keyworker scheme are:
- Help-to-buy scheme
- Shared ownership scheme
- NewBuy scheme
- Key worker loans
These are just a few examples of the various schemes available for staff. You can find out more about these schemes on the official website of the UK Government.
How much can you borrow on NHS mortgages?
As mentioned above, applying for a mortgage as an NHS worker is similar to regular mortgages. But, what makes this mortgage unique is that you will get a lower interest rate than a normal mortgage. This is because the lenders understand that you are already paying high taxes, and therefore, they want to make sure that you don’t pay any extra amount on top of your salary. So, the maximum amount you can borrow depends on your mortgage type. If you are interested in buying a property in the UK as an NHS employee, you can contact a mortgage adviser for your application process.
Speak to an expert about NHS Mortgages
If you are working in the national health services of the UK and planning to start on the property ladder as a new homeowner, it is important that you know all the details related to the mortgage schemes. We can help you with all the information regarding the different types of mortgages available for NHS employees. Our specialist mortgage advisors can provide you with all the necessary information related to the schemes and how you can avail of them. They can also explain to you the pros and cons of each scheme so that you can decide which one would be ideal for you.
We work with some of the leading banks and building societies in the UK and can offer you the best rates and terms for your mortgage. All you need to do is to contact us on our website.
Can I apply for an NHS mortgage?
In order to apply for staff mortgages with NHS employee schemes, you need to be employed on a temporary or permanent contract as a clinical staff within the following areas:
- Ambulance Trust
- GP surgeries
- Dental practices that have NHS body status
- Primary Care Trusts
- NHS Direct
- Health Protection Agency
- National Blood Transfusion Service
- Mental Healthcare and Social Care Trusts
- Other NHS trusts
Can I get a healthcare worker mortgage as a first-time buyer?
Yes, if you are a first-time buyer, you can still get a mortgage with a healthcare worker status. You need to provide details of your annual salary, credit score, job contract etc. and prove that you can fulfil the monthly payments of the mortgage. It will be good to contact a mortgage advisor specialising in mortgages for health service employees.
Is it possible to get a mortgage as a health care professional for a new-build home?
Yes, you can apply for a mortgage scheme as a healthcare professional or clinical staff for new build homes. The only condition that may apply is that you should not own any other properties at present. You can check whether you qualify for such mortgages by contacting a mortgage advisor.
What are the eligibility criteria for mortgages for medical staff?
Every lender has different eligibility criteria for medical doctors and other staff that is based on many factors such as their income, employment historyA record of a borrower's employment history, which may be us..., credit rating etc. If you are interested in knowing the mortgage requirements of any lender, then you can speak to a mortgage advisor. He/she will guide you through the entire process and ensure that you meet all the required criteria before proceeding with the loan application.