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NHS Mortgage – What you need to know

If you’re an NHS worker, you might have heard about NHS mortgages specifically and exclusively available to you. Here’s what you need to know about an NHS mortgage.

What type of NHS mortgages are available?

Although there is no specific type of NHS mortgage, despite what you may have heard in the past, but there are mortgage providers who cater specifically to the needs of NHS staff members (specifically, the clinical staff mentioned above.) As such, if you’re looking for the right deal, it’s best to look within your role as an NHS worker.

When talking to a mortgage broker, ensure that you mention that you are an NHS staff member and they can help you find the most appropriate loan suited to your needs.

Who is eligible for an NHS Mortgage?

To be able to apply for an NHS mortgage, you have to be either employed directly by the NHS, or to work for them on a permanent contract. This applies specifically to clinical staff that work in a set of NHS areas, so it may not apply to people who do not work in a clinical capacity.

As such, if you work in a GP surgery, Ambulance Trust, NHS Direct, Health Protection Agency, Primary Care Trust, National Blood Transfusion Service, NHS Dental Practice, or Mental Healthcare/Social Care Trust, you may be eligible.

Are there any restrictions on an NHS Mortgage?

Whether and how you work for or with the NHS will affect whether or not an NHS mortgage is available to you. If you are a member of a clinical staff team, whether employed or through a permanent contract, then you might be able to get an NHS mortgage. However, medical staff such as dentists and doctors might not be able to apply.

Am I eligible for the NHS key worker mortgage scheme?

Before you attempt to apply for an NHS mortgage, it is recommended that you check whether you are considered a key worker as a member of clinical staff. The NHS Key Worker Mortgage Scheme that specifically helped workers in these key areas is no longer running, but there are other schemes that may apply to you, which we will cover more closely.

Do NHS workers get discounts on Mortgages?

While there may not be any specific NHS mortgages available, there are benefits to getting a mortgage as an NHS worker. This can include getting a discount on a mortgage from specific lenders for both current and retired NHS workers.

There are also schemes that can help you further improve the affordability of mortgages based on your work for the NHS. This can include making mortgages more accessible by reducing the deposit you need to pay, as well as reducing any loan fees for a certain period of time.

How much can NHS staff borrow?

How much you are able to borrow will always depend on how much you are able to pay back, even if you are an NHS worker. Your mortgage provider will go through an assessment to find out how much you can likely pay back within the average mortgage period, such as 25 years.

This assessment may include collecting a lot of information from you, looking at your earnings, finances, existing loans, and more. For the average clinical NHS worker that earns £31,787 a year, you may able to borrow anywhere from £95,361 to £143,041.

The specifics of how much you can borrow, as well as what your monthly payments will largely depend on your personal circumstances. If you want more detailed information, a mortgage broker can help you with realistic expectations.

Schemes that can help

As mentioned, there are specific schemes that may be able to help you, including the following:

  • Help to Buy: A scheme in which the government lends money to first-time buyers for newly built homes with just a 5% deposit.
  • Shared Ownership: A deal that allows you to pay the mortgage on a part of the property, rather than the whole, reducing the overall costs.
  • Right to Buy: A scheme that helps  eligible council and housing association tenants buy the home that they live in.

To learn more about NHS mortgages, as well as all mortgages that might be available to you, don’t hesitate to get in touch. As your local mortgage broker, we will work to ensure you find the loan that best suits your needs and circumstances.

Commercial mortgages and some buy to let mortgages are not regulated by the Financial Conduct Authority