NHS Mortgages

Purchasing a home can be overwhelming, particularly for NHS workers. The good news is that help is available for NHS and key workers looking for support.
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NHS Mortgage

What is an NHS mortgage?

The government ended NHS mortgages in 2019, but this doesn't mean that NHS workers can no longer take advantage of their position.
This article will explore what NHS Mortgages are all about and why you should consider exploring your position as an NHS worker when seeking out a mortgage provider.

Who is eligible for an NHS mortgage?

All NHS workers are eligible for an NHS mortgage. This is an excellent opportunity for NHS employees to enjoy competitive rates, a flexible repayment plan and a simple application process.

Since working for the NHS is typically a stable career option with good benefits, brokers love to work with NHS workers. In addition, they have predictable income and regular outgoings every month, so matching an NHS worker with a mortgage provider is often easier.
While an NHS mortgage might not be a specific product available today, many brokers and lenders will specialise in supporting keyworkers in their goals of becoming homeowners.

What restrictions are there?

NHS mortgages are not available anymore, but some brokers specialise in these types of mortgages. However, NHS workers can still take advantage of their benefits by choosing a mortgage provider to suit their needs.

The keyworker mortgage scheme ended in 2019, and we are still waiting to see if the government decides to extend or renew this mortgage type. The best replacement at the moment is the return of the government-backed 5% mortgage. This can help NHS workers to secure a mortgage with just a 5% deposit.

Your NHS mortgage will be linked to your NHS pay band. If you are undergoing additional training and expect your pay band to increase in the near future, lenders may be willing to offer additional lending based on earning potential. This is because it's easy for them to see how much you will be earning once you undergo further training.

NHS specialist mortgage broker?

NHS employees enjoy stable work from a reputable employer. But when the time comes to get a mortgage, they might find it challenging to find suitable lenders. Since the NHS mortgage scheme has ended, some wrongly assume that this means they will be unable to purchase a property. 

This isn't the case; it simply means you may need to search to find the right broker.

It's easier when looking for a mortgage to find brokers who specialize in supporting NHS employees. It can be challenging to meet all the criteria and restrictions of some lenders, but if you explore your options and find a brokerage that understands what you need, you will be happy with the results.

What is the alternative to an NHS mortgage?

If you're an NHS worker, the NHS mortgage may not be an option anymore but this doesn't mean that you can't purchase a home. There are brokers who understand what you need and will help you in your search for the right mortgage.

One of the best alternatives to an NHS mortgage is a government-backed 5% deposit scheme. This helps first-time buyers and those looking to secure their first step on the property ladder.

To navigate the complex field of mortgages for NHS workers, we recommend working with a specialist mortgage broker.

How much can you borrow as an NHS worker?

Once you have passed the affordability checks, you will have access to all of the same lending products as other applicants. NHS workers don't have access to specific lending products or enjoy reduced rates. However, they might find that lenders look more favourably on their applications thanks to the stable nature of their work.

The more deposit you can save, the better your options will be, so it's worth maximising your savings using a scheme like the Help to Buy ISA.
When you're looking for a mortgage, NHS workers might find it challenging to meet the criteria. This is because many lenders have strict requirements that are hard to fulfill as an NHS worker.

However, there are brokers who specialize in this field and can help with your search. The keyworker scheme has ended, but not without leaving behind great options like government-backed 5% deposits.

This means you could get on the property ladder with just a 5% deposit. However, if you want a competitive rate or flexibility when it comes time to apply for mortgages, consider working with one of these specialists today.

Niche Mortgage Info is a guidance website and introducer and is not regulated by the FCA. All of the advisers we partner with work only for firms who are authorised and regulated by the FCA and specialise in a number of different fields. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice.

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