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Nurse Mortgages - Some questions answered

How do I get a Nurse’s Mortgage?

There are no specific mortgages out there for nurses but there are lenders who tailor their mortgage products towards nurses. Specialist lenders understand more about your profession and the flexibility that can sometimes accompany it.

It is worth seeking the help of a Mortgage Broker to to access a variety of products and rates from across the mortgage market, to give you more specialist lending options that are not available on the high street.

What discounts are available for nurses? 

The same schemes that are out there to help everyone onto the property ladder can be accessed by nurses too. Here are a few examples:

Shared Ownership

If you cannot afford to pay for all of the home you want to buy, you can opt to purchase between 25-75% and pay rent on the remainder until you can buy the property in its entirety. 

New Build Scheme

New build homes under the scheme are being sold below the average market price and with a 5% deposit option.

What mortgage options are available to nurses?

There are a lot of different mortgage products out on the mortgage market and whether you are a first time buyer or seeking a remortgage it can be hard to know where to begin. There are fixed term contract and flexible mortgages as well as repayment and interest only pay back types.

The right mortgage for you will depend upon your own situation and wants. It would be worth speaking to a mortgage expert to discuss your options; they will gain an understanding of your situation and then pick out mortgage deals and options for you. 

How much can I borrow as a nurse?

The amount that you can borrow for a mortgage depends on your annual income and your credit score. If you have a good credit score then you can expect to access between four to  five times your annual salary.

It would be worth seeking a specialist lender who understands your career path to make the most out of your career as medical professionals. You will need to prove to any lender that you can afford the repayments on your mortgage and that you can handle borrowing money.

If you have a bad credit history or no credit at all, there are other specialist lenders out there who might accept you onto a mortgage. It is always worth sorting your finances out before applying for a mortgage to access better rates.

Can agency nurses get mortgages? 

Agency staff tend to either be paid under the PAYE payroll system or through a self-employed basis. If you are under the PAYE system then lenders prefer you to have been in the same position for a year. Lenders will look into the history of your income to ensure there is enough there to pay your mortgage repayments.

If you prefer to work on a self-employed basis, be aware that lenders are going to want to see your tax returns and overviews for the year. The more proof of your income you can provide – the better. If you seek employment through a contract basis with fixed term or flexible contracts, then it could be worth seeking out a specialist lender who understands the way you work.

How can a Mortgage Broker at Mortgages by McAteer help me?

Because we’re experienced Mortgage Brokers, we’re used to helping mortgage applicants, including those who are self-employed, secure home loans from a range of lenders. The mortgage market is ever changing but our experts keep up to date with the latest movements which is why we can pick out the right mortgage options for you.

Healthcare professionals play an important role in society and there are lenders out there tailoring their mortgage products to offer incentives and discounts for the position you hold. Specialist lenders also understand more about your working hours and pay so it is worth taking the time to find them so you can access better deals.

Here at Mortgages by McAteer, we pride ourselves in being alongside you every step of the way when it comes to your mortgage application process.We are part of The Openwork Partnership, who are authorised and regulated by the financial conduct authority so we are qualified to give the advice you seek.

Get in touch with a member of Mortgages by McAteer today to discuss your options and receive tailored mortgage advice.

‘Approved by The Openwork Partnership on 13-09-2023’