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If you’re in the market to buy or if you’re looking to remortgage and you work for the NHS, you may be wondering about the options available in terms of mortgages for NHS staff.
In this article, we’ll take a look at what to consider.
Firstly, an NHS mortgage, sometimes referred to as a Blue Light mortgage, isn’t a specific mortgage product.
Instead, this usually refers to different criteria that some lenders may offer to NHS professionals.
Some lenders may lend preferential interest rates to Key Workers, allowing you to take advantage of lower monthly payments.
To add to this, some NHS professionals may be eligible for an enhanced level of lending too.
The NHS offer different types of employment, some of which may be more complex for lenders to assess than others.
This can range from fixed term contractors, which we find is common with trainee Doctors, to zero hours contracts.
Different lenders will have their different criteria for each employment type, meaning they’ll assess your income in different ways.
This is where working with an experienced mortgage broker can really help.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
As always, we’d always recommend that you speak with a mortgage broker in greater detail to find out a more accurate indication of borrowing power.
As a rough guidance, taking your salary and multiplying this by 4.5 will give you an indication of borrowing.
This is assuming no debts, dependents or adverse credit.
If you’re buying with someone, you can add all income together and then apply the multiple.
That being said, as an NHS professional, you may even be eligible for up to 6x income.
Not exactly.
However, you may find that some housing developers may offer discounts and/or deposit contributions.
There’s also the First Homes Scheme, where you may be able buy a home for 30% to 50% less than its market value as a first time buyer.
This isn’t exclusive to NHS staff, however some councils may prioritise key workers.
Aside from this, there are other non-exclusive schemes you can consider, such as shared ownership or Right to Buy.
Speak with a mortgage broker you trust to work out how much you can borrow and how much this will cost each month.
We’d love to help with this!
Once you know how much you can borrow, the next step would be arranging an agreement in principle and finding a property you love.
From there, your mortgage broker can handle the application process.
Your selflessness does not go unnoticed.
At Rosehill, we are forever grateful for all of your hard work, so much so that we have introduced our NHS Support.
We now have a heavily reduced fee for NHS workers to show our appreciation, and we offer live Q&As for NHS staff.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
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Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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