Nurse Mortgage

Get in touch for an initial fee free, no-obligation chat with an adviser about the most suitable mortgage option for you.

The Financial Conduct Authority does not regulate some Buy to Let Mortgages.

Your property may be repossessed if you do not keep up with your mortgage repayments.

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Nurse Mortgage

Get in touch for an initial fee free, no-obligation chat with an adviser about the most suitable mortgage option for you.

Your property may be repossessed if you do not keep up with your mortgage repayments.

The Financial Conduct Authority does not regulate some Buy to Let Mortgages.

Get in touch

[]
1 Step 1


The internet is not a secure medium and the privacy of your data cannot be guaranteed. 

keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
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Nurse Mortgage

Anthony McQuilliam answers frequently-Googled questions on Nurse Mortgage.

All about mortgages for nurses with Anthony McQuilliam.

What mortgage options are available for nurses?

There’s a misconception that there are particular products available for nurses that other job roles don’t have – and that’s just not correct. The mortgage options available for nurses are exactly the same as for anybody else. 

But because of the way the income is calculated – especially for nurses who have bank payments and shift enhancements on their mortgage applications – it can be easier to work with some lenders rather than others. 

There are lenders whose criteria will make it easier for you to get a mortgage and potentially be able to borrow a lot more, as well.

What discounts or schemes are available for nurses?

There was a key worker scheme but it was disbanded a few years ago. There was also Help to Buy, but that’s also ended. As things stand today, in April 2023, there isn’t a particular scheme available for nurses giving discounts on properties. 

One of the options that you do have – that’s not specifically for nurses – is shared ownership. Here you would own a certain percentage of the property, be that 25% or 50%.  If that property is worth £300,000, for example, and you buy a 50% share of it, you would only need to put down a deposit and get a mortgage for £150,000. You then pay rent on the other 50% of the property. As the market increases, you get more equity or earn more, you can buy an additional share. 

Again, that’s not just for nurses, it’s available for everybody out there.

How much can I borrow as a nurse?

It’s very difficult for nurses just to go online and figure it out themselves on a basic affordability calculator. As I mentioned earlier, some lenders are a lot more lenient when it comes to extra income, such as bonuses, overtime, shift enhancements and bank shifts. 

For example, if you went to a lender that wouldn’t accept your bank shift or overtime, you’ll be able to borrow substantially less than with a lender that specialises in this kind of income, and will use 100% of it.

As a general rule of thumb, lenders take your income and multiply it by around 4.5 to calculate how much you can borrow. So whether they accept your overtime and shift allowances – and whether they take 50% or 100% of that income – will make a big difference to your borrowing. 

So when you’re figuring out how much you can borrow, it’s always worth having a conversation with someone that has experience in NHS income. We’ve seen it ourselves – we’ve been able to get someone an extra £60,000 in their budget compared to a lender that won’t use those extra earnings. If you and your partner are both working for the NHS it can make such a huge difference.

Speak to an expert

Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.

Can agency nurses get a mortgage?

Again this massively depends on the lender. If you’re agency staff, a lot of lenders will want you to have been with the same employer for at least 12 months. But the pure nature of agency work is that you might frequently change where you work, depending on what’s available and where you can earn the most money. 

But there are lenders out there where as long as you’ve been working as agency staff for at least two years – even if it’s with different agencies – they’re happy to take you based on your most recent contract. Other lenders would be happy to see the last six months of your payslips, while others want to see that you’ve been doing this for at least 12 months. 

So every lender is completely different.  But as a general rule, if you have at least six months’ history with your current agency you should be able to get a mortgage absolutely fine.

How do I get a mortgage if I’m a nurse?

My advice to everybody, no matter what industry you work in, and especially in the NHS, speak to an experienced broker. Your income can fluctuate and that means dramatic variation in how much you can borrow, depending on which lender you speak to.  

Even before you start thinking about buying a property, it’s worth sitting down with a mortgage advisor to go through everything with you – how much deposit you need, the fees and how much you could borrow. 

Then, when you actually go out and start looking at properties you can get something called an Agreement in Principle. This is a certificate that shows exactly how much you can borrow. So when you do find and fall in love with a house, you’ve got your deposit ready and proof that you can get a mortgage agreed. That puts you in a much better position to make an offer on a property. 

So be prepared way in advance of actually looking at properties. It makes the process a lot smoother and will help you achieve your property goals.

Your home may be repossessed if you do not keep up with your mortgage repayments. 

Approved by The Openwork Partnership on 13/06/2023.

Your home may be repossessed if you do not keep up with your mortgage repayments.