NHS workers deserve affordable mortgages
The NHS is rightly held in high regard in the UK, even more so since the pandemic. It’s only right, therefore, that all employees of the NHS should have the ability to purchase their own home.
As essential key workers, attempts have been made by various governments to ensure that NHS staff have access to affordable, quality housing. This is especially important in expensive locations such as London and Essex where there is high demand for NHS workers.
Following advice from NHS Trust organisations, the government and local authorities have attempted to incentivise NHS staff – including those in an admin or domestic position as well as clinical staff – by offering some form of affordable housing scheme mortgage, or by offering an interest free loan to assist with their deposit requirements.
Local and national government continue to look at ways in which to offer special NHS mortgages can be offered to current NHS workers. To ensure you receive the latest advice, it is wise to consult a specialist mortgage broker such as Goldmanread.
We help a wide range of home buyers, including first time buyers, throughout Essex to secure the most competitive mortgages, in line with their profession.
Are there specialist mortgages for NHS staff?
Whilst there are no mortgages aimed exclusively at NHS staff, there are schemes aimed to benefit them. For professional NHS staff, some lenders offer an enhanced loan amount, depending on the employee’s salary range.
There is also an NHS key worker mortgage scheme, which may include access to a specific type of Help to Buy scheme. This type of specialist homes scheme typically allows you to buy into a property on a partial ownership basis to start with, the ultimate goal being to eventually own the entire property. They allow those on a lower income access to purchase a property at a significant discount and are ideal for medical staff.
An NHS mortgage scheme such as this may require an NHS worker to take a mortgage in which the government offer an equity loan. The level of this loan will depend on the property value.
Frequently Asked Questions
Which NHS staff qualify for NHS mortgage schemes?
All NHS staff directly employed by the NHS are eligible, not just those employed in NHS Primary Care. That means workers in any NHS pay band can potentially benefit from NHS staff mortgages.
Eligible occupations include:
- General Practitioner
- House Officer (hospital service)
- Medical Practitioner
- Staff in NHS dental practices
- Consultant (hospital service)
- Homeopath (medically qualified)
- Medical Acupuncturist
- Delivery Suite Manager
- Midwifery Manager
- Community Care Nurse
- District Nurse
- Health Visitor
- Practice Nurse
- Advanced Primary Care Nurse
- Intensive Care Nurse
- Clinical Nurse Specialist
- Theatre Manager (hospital services)
- Health Care Practitioner
- Mental Health Practitioner
- Operating Theatre Practitioner
- Practitioner (Nursing)
- Community Mental Health Nurse
- Psychiatric Nurse
- Community Children’s Nurse
- Neonatal Nurse
- Paediatric Nurse
- School Nurse
- Clinical Lead Nurse
- Matron (residential care/home)
- Occupational Health Nurse
- Staff Nurse
- Team Leader (nursing)
- Ward Manager
- Ambulance Paramedic
- Emergency Care Practitioner
If you perform one of these key worker roles within the NHS, then allow Goldmanread to assist you in finding the very best mortgage deals.
Is there a discount on NHS mortgages?
There is no NHS mortgage discount as such, but there are schemes to benefit NHS workers to enable them to buy affordable housing – for example, there is the key worker mortgage scheme. Or, some lenders will offer enhanced income multiples for professionals.
These mortgages are aimed at first time buyers or those looking for equity release and apply to all sorts of NHS staff.
When assessing mortgages for NHS staff, the lender will take into account the applicants credit history and credit rating, as they do with all mortgages. These factors will also impact the interest rate offered.
Can I still get a mortgage as an NHS staff member if I am retired?
Depending on your circumstances in retirement, yes, you can still benefit from a mortgage aimed at NHS staff, subject to meeting a lender’s criteria.
How does applying for a mortgage as a NHS Employees work?
When formulating our advice we’ll take into account loan fees and the type of rate available be that a fixed rate or discount mortgage rate. Our service works as follows:
- An initial appointment to to help understand your requirements.
- Based on this information, we offer a mortgage recommendation. If accepted we arrange an agreement in principle with the specific lender recommended. We offer specific mortgage advice aimed at getting you the most suitable NHS mortgage.
- Once you find and agree a price on a specific property we will manage the whole process through to completion.
Goldmanread provide advice on every government scheme aimed at the NHS employee and pride ourselves on the high quality service we offer. We have access to mortgage deals which are offered by lenders who you will not find on the high street.
We can also assist you with arranging insurance to accompany your mortgage such as income protection or critical illness policies.