Can a nurse get a mortgage?
Yes, as valued healthcare professionals, nurses can absolutely get a mortgage. Your income and job security make you an attractive borrower to many lenders. As a nurse, you may also qualify for key worker mortgage schemes such as the First Homes Scheme.
Working with a specialist mortgage broker can help you find the best lenders for your needs and improve your chances of mortgage approval. At Goldmanread, we’re familiar with the lending criteria for healthcare professionals and can guide you through the process to find the best mortgage deal for your needs.
How much can a nurse borrow for a mortgage?
As a nurse, the amount you can borrow depends on your income and current career stage. Lenders consider several factors when calculating borrowing levels, including income, financial commitments, and your deposit amount.
When calculating your total income, the lender will use your basic salary and any extra income from working as a bank nurse or from flexible shift patterns. Bank nurses generally have to demonstrate a track record of income from this source.
As with any applicant, lenders assess mortgages for nurses based on their creditworthiness, income and other financial outgoings. While it is possible to get a mortgage with a bad credit history, it does limit the number of lenders you can apply to, and it will have an effect on how much you are offered.
If you are a nurse with a history of bad credit, then it’s wise to work with a mortgage broker such as Goldmanread. We have the experience and contacts to approach the right lenders on your behalf.
To estimate how much you can borrow, you might use an online mortgage affordability calculator. However, it’s best to consult with a qualified mortgage broker for an accurate figure. Regardless of the multiples you are offered, it’s essential that you can comfortably manage the monthly payments.
Goldmanread, a trusted mortgage broker for nurses
Goldmanread is a specialist mortgage advisor, and we count all sorts of NHS staff as valued clients. We have been providing mortgage advice and securing mortgages for nurses for many years.
As a whole-of-market mortgage broker, we have access to a wide range of mortgage providers. This extends beyond high-street lenders to specialist lenders, who can offer very competitive mortgage options to nurses and other NHS employees.
Please get in touch for a free initial consultation.
How does it work?
When formulating our advice, we’ll take into account loan fees and the type of rate available, whether it is a fixed rate or discount mortgage rate.
Our service works as follows:
- At our initial appointment, we will gather information about your financial situation, personal circumstances, deposit amount, credit history, and goals.
- Based on this information, we will search for the most appropriate lenders and products before making our recommendations.
- Once you have decided on a lender, we will arrange an “agreement in principle” so you can begin house hunting.
- Once you find a property and agree on the price, we will manage the whole mortgage process from start to finish.
We can also assist you with arranging insurance to accompany your mortgage, such as income protection and critical illness policies.
Mortgages for agency nurses
Agency nurses often have a more complex income structure, with varying monthly earnings based on shifts and demand. While some lenders might hesitate to approve a mortgage for agency workers, Goldmanread’s experienced brokers have relationships with specialist lenders who understand the financial nuances of agency nursing.
By working with us, you can be sure that your total household income, including your agency income, is fairly appraised, giving you a better chance of securing the right mortgage deal.
Mortgages for self-employed nurses
Being a self-employed nurse can make a mortgage application more complex, but it doesn’t make it impossible. The key is to demonstrate a reliable and stable income over a sufficient period of time.
As a specialist mortgage broker, we work with lenders who offer flexible eligibility criteria for self-employed medical professionals. Whether you’ve been self-employed for a short while or several years, we can help you access the best mortgage lenders who understand your situation.
Mortgages for NHS nurses
NHS nurses benefit from stable employment and an income structure that many lenders are familiar with. Most mortgage lenders will consider your basic salary, additional income from overtime, and any other allowances you receive.
At Goldmanread, we help NHS nurses navigate lender’s criteria to find the best mortgage deals available, whether you’re a first-time buyer or moving up the property ladder.
Frequently asked questions about nurse mortgages
Do mortgage lenders look at nurse’s qualifications?
Most lenders typically focus on your income and employment stability rather than your qualifications. However, certain lenders may consider your career stage as part of their assessment.
Can I get a mortgage if I’m a student or a newly qualified nurse?
Students and newly qualified nurses may find it harder to secure a mortgage due to their limited income. However, it’s not impossible and you may consider a joint mortgage or a guarantor mortgage to help get you on the ladder.
What documents do I need to apply for a mortgage as a nurse?
To apply for a mortgage as a nurse in the UK, you’ll need proof of ID, proof of address, 3-6 months’ payslips, bank statements, P60, employment contract, proof of deposit, and details of existing debts or loans. Self-employed nurses will also need to supply their tax returns
What government schemes are available for nurses’ mortgages?
The Help to Buy Equity Loan scheme ended in 2023. As of October 2024, there are several schemes available to nurses, including the First Homes Scheme, Shared Ownership and Right to Buy. Some new build developers also offer incentives for key workers. If you are interested in pursuing one of these schemes, Goldmanread can help.
