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Mortgages for nurses

Getting the best advice and speaking to a fully qualified mortgage expert can make a huge difference when looking for mortgages for nurses.

You could save money every month on your mortgage repayment which can make a significant difference to your lifestyle, especially in modern times. There is also the amount of time it can take to get a mortgage for nurses if you don’t get the right advice.

Nursing can be an extremely rewarding occupation which is one of the main reasons why people are attracted to it in the first place. There are currently 704,520 nurses registered to work in the UK which is expected to increase significantly in the future.*

Mortgage advice for nurses

Our highly skilled specialists will work hard to make getting your mortgage as simple and easy as possible. It can be significantly easier to find the best mortgage rates by dealing with an advisor with the right background and knowledge.

Our qualified experts have a good understanding of factors that can make getting mortgages for nurses more complicated. This means we can help with key areas including mortgages for nurses that are first time buyers, mortgages for nurses with bad credit and more.

How do mortgages for nurses work?

In most cases, nurses should be able to get accepted for a mortgage with few issues. Usually, you should also be able to gain access to very competitive rates as well.

Sometimes there can be areas that will complicate your application. This could be because of your income for example, as certain nursing roles can affect the way you are paid. You may:

  • Be a contract worker
  • Be self employed
  • Have multiple income streams
  • Be in receipt of bursaries or other funding
  • Be PAYE
  • Be newly qualified

Income plays a large role when it comes to lenders assessing your suitability for borrowing. We can help find mortgages for nurses with more complex income, pairing them with the most suitable lenders for their needs and financial history.

Which are the best mortgage lenders for nurses?

When looking for the right lender for your mortgage, being a nurse can present positives and negatives. It can be very helpful to speak to an advisor who is familiar with how mortgages for nurses work.

Often NHS workers can access preferential rates, but nurses could also face issues if they have a poor credit history or more complex income.

Our experts know which lenders will be best for nurses based on their individual circumstances. It is important to approach the right lender for your occupation and finances, to avoid the stress of multiple applications and other complications.

Some top mortgage lenders for nurses include:

  • Accord Mortgages
  • Barclays
  • Halifax
  • HSBC
  • Newcastle Building Society
  • Santander
  • Natwest
  • And more…

What is the best mortgage for NHS nurses?

If you work as part of the NHS, it should be fairly straightforward for you to find a mortgage. There are benefits to being an NHS employee that can help with your application and lenders look on NHS staff favourably in most cases.

Reasons for this include:

  • Having regular income
  • Employment history
  • Being in a reliable profession

All these things will work in your favour and can help you access better rates and a wider range of deals.

There are a range of job roles when it comes to nursing, all with their own rewards and challenges. No matter what role you fill, we can support you in finding the mortgage or remortgage deal you need.

We have helped many types of nurses find mortgages including:

  • GP nurses
  • District nurses
  • Theatre nurses
  • Neonatal nurses
  • School nurses
  • Prison nurses
  • Health visitors

There a several ways in which you can apply for a mortgage or remortgage and each way can affect the mortgage interest rates that will be available to you.

The most common ways to apply for a mortgage are:

  • By speaking to mortgage advisor or broker: you will be able to get expert advice as well as the ability to compare a variety of deals across a large panel of lenders. This way is generally the easiest for buyers and is a common approach when it comes to mortgages and remortgages.
  • Applying with a bank or building society directly: this can be a good option for some borrowers, particularly those with no complications such as poor credit. This can however limit your options, as you wont be able to access deals from other lenders.
  • Applying online or via a price comparison website: this option is growing in popularity due to its convenience. This can be helpful for some buyers but it can be confusing and time consuming to go down this route.

Best mortgage deals for nurses

There will be certain deals and lenders that are better suited to mortgages for nurses.

When looking for the best mortgage, it is important to consider factors that could affect your application including:

  • Your credit history
  • Your job role
  • Affordability
  • Your income (PAYE, contract worker etc)
  • Any income irregularities

If you are a nurse that is still training, self employed or working on a contract basis, this can complicate your application.

In these situations, it is a good idea to speak to an experienced mortgage advisor. We can ensure you only apply to lenders who are the best for approving applications in these circumstances.

Other areas to be mindful of include:

  • Whether it is a mortgage or remortgage you need
  • Your deposit (loan to value or LTV)
  • The mortgage type you need (fixed rate, variable rate, tracker etc)
  • Any fees that may apply e.g. valuation costs
  • Your property type and location (urban or rural area)

Nurses work extremely hard, often with very long hours. This was especially true during the pandemic and its aftermath.

This led to calls for the government to offer additional support and mortgage help for nurses looking to buy a home. There are some excellent support schemes available that nurses can take advantage of.

Some lenders can even offer special mortgages for nurses or mortgage discounts for nurses. As experienced brokers, we can advise you on the best schemes available to help you save.

Some mortgage support and buying schemes that can be beneficial for mortgages for nurses include:

Some other benefits available include:

  • Special rates for NHS workers
  • Government mortgage guarantees
  • Assisted deposits

There was a key worker mortgage scheme designed to help provide financial support for mortgages for nurses and other key workers trying to buy a new home.

This was brought into place during the pandemic to support key workers in renting or buying a new property. This scheme is now unavailable, but we always have our eyes peeled for similar schemes being introduced.

Mortgages for nurses with bad credit

It can be frustrating to try and apply for a mortgage and find your credit history blocking you from getting the deals you want.

Our highly qualified specialists know exactly which lenders work best when it comes to mortgages for nurses with elements of poor credit in their past. There are common problems that these lenders will be familiar with including:

  • Unusually low credit score
  • Debts
  • Payment defaults
  • County Court Judgements (CCJs)
  • Individual Voluntary Arrangements (IVAs)
  • Mortgage arrears
  • Bankruptcy

We have years of experience helping nurses with poor credit find the right mortgage, and know of many great lenders who specialise in this mortgage type.

Mortgage broker for nurses

With a profession like nursing, it is important to know you are speaking to a broker who understands your job role and the ways it could affect your mortgage application.

Our team can find great mortgages for nurses, finding the most suitable deals and at a price to suit any budget.

We specialise in finding nurses and other medical professionals the best mortgage deals, comparing available mortgages across the UK’s top mortgage lenders. We can help you save thousands on your next mortgage with our expertise and knowledge of how mortgages work for nurses and other medical professionals.

*according to Nurses.co.uk

Useful resources

Citizen’s Advice – Buying a home

Gov.uk – How to buy a home

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