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Mortgages for Nurses

Are there specific mortgages for nurses? Find out which deals and products are the best fit for people in this profession here.

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 30th October 2019 *

Nurses don’t always meet the criteria required by traditional high street lenders. Rest assured though, there are a number of UK providers who are happy to offer mortgages for people in this profession.

So, if you want to find out about getting a mortgage as a nurse, keep reading and we’ll give you the key information you need to know.

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How do I get a nurse’s mortgage?

One of the reasons getting a mortgage for NHS nurses can seem complicated is because there are so many different working arrangements. For example, you may be on a fixed salary, but flexible shift patterns and working overtime will affect your overall income, which makes it difficult for a lender to determine your exact salary.

In fact, many lenders (unless they specialise in mortgage options for nurses) won’t understand the complexities involved. That’s why speaking to a mortgage broker who specialises in mortgages for nurses about your own circumstances is the easiest way to start. They will be up-to-date on the criteria required by different lenders and can help you find the best deal.

Are there any mortgage discounts for nurses?

There are a number of government schemes and initiatives that make getting a mortgage for a nurse more affordable and these include those aimed at key workers. 

Key Worker mortgage scheme for nurses in the UK

As a nurse, you’re regarded as a key worker. The Key Worker Living programme was a scheme to help key workers buy or rent a home, however, the scheme is unfortunately no longer available. 

But fear not: there are plenty of alternative schemes that are popular with professionals who fall into this category, including: 

Benefits of these schemes include being offered better rates while only needing a smaller deposit.

What other mortgage options for nurses are available?

First and foremost, any lender wants to see that you have a stable, regular income to show that you can pay back your loan. 

Mortgages are available for nurses who are first-time buyers and those who are remortgaging. The best way to find out what options there are for you, based on your personal circumstances, is to speak to a mortgage broker who is experienced in offering nurse mortgage help. They will know which lenders are prepared to assess applications on a case-by-case if you have a flexible income.

What mortgage can a nurse afford?

You need to prove to a lender that you’re receiving payments for working as a qualified nurse, so you’ll typically (but not always) be asked to show them at least three monthly payslips.

This will show them your basic pay and any earnings that you may have made on top of them, such as overtime. For a lender to take overtime and additional earnings into consideration, they will usually want to see a few months of consistent earnings and possible P60’s to evidence that the income is sustainable.

UK nurses earn £23,000 p/a on average, though the amount will vary according to the role. For example, a registered nurse who works in home care may receive £24,900, while a nurse working in an ICU department may earn around £33,703 a year. 

Based on the salary average, you could afford a mortgage that ranges from £74,700 to £112,050. Taken over a period of 25 years with a 3% interest rate (for example purposes), for this amount on these terms you can expect to pay back £531.35 per month.

Do nurses get help with mortgages?

If you already have a mortgage then it’s still possible to apply for mortgage assistance, though it may involve switching to a different provider, such as one who specialises in mortgages for nurses and NHS staff. There are specialist brokers who can help you find the right provider so if you need help on that front, give us a call and we’ll connect you with one. 

Similarly, as a nurse, you may be able to get better deals and assistance when it comes to remortgaging. Again a broker can advise you on the lenders that offer favourable rates to nurses, as well as other options that may be available to you.  

Can agency nurses get a mortgage?

Working as an agency nurse doesn’t mean you can’t get a mortgage, however it may restrict the number of lenders that offer you a loan. 

Typically, agency staff are paid in two ways; by PAYE or self-employed.

  • Pay As You Earn (PAYE): Most agency workers are treated similar to temps and therefore do not have a permanent or fixed term contract in place. Most lenders in this case will want you to have been in the job for 12 months before they will consider lending.

  • Self-employed: The longer you’ve been working as a nurse the more reliable your payments will look. Most lenders will ask to see your tax returns for at least a year – the most you show, the better the deal you’re likely to get.

Other aspects a lender will take into consideration is the general criteria that all mortgage applications are based on such as looking at your credit history, age and how much deposit you can put down.

Who are the best mortgage lenders for nurses?

While some mortgage lenders have a better understanding of the nursing profession than others, and therefore offer more favourable deals, the rates you will end up with will vary from one provider to another, based on a number of factors.

For example, some lenders will only take into account 60% of your shift allowances but others will take into account 100% of it.

Some specialist lenders who cater for nurses are wary of customers with bad credit, small deposits and self-employed income.

With this in mind, you’ll need to find the nurse mortgages lender who is the best fit for your exact profile, and this calls for whole-of-market knowledge. 

Luckily, the advisors we work with have exactly that, and they can introduce you to the lender who is the best fit for your needs and circumstances if you make an enquiry here.

How can I get the best mortgage deals for nurses?

If you want to research the best mortgage lenders for nurses, a mortgage broker can help. They’ll pick out the best deals to match your needs and personal circumstances. We can help you find one. 

Just give us a call on 0808 189 2301 or make an enquiry here and we’ll put you in touch with one of the experts that we work with who can offer advice on mortgage deals for nurses in the UK.

Updated: 30th October 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.