What Type of Mortgages are Available to NHS Staff?
Those working for the National Health Service have very similar mortgage options to other applicants, although some lenders offer lower NHS Mortgage rates to NHS workers.
What Mortgages Discounts are available to NHS workers?
Whilst specialist mortgage lenders do sometimes offer a range of discounts, they are not always easy to find. It’s also important to understand that if you find a discount rate, it will not automatically apply to you, as a member of NHS staff.
Prestige Mortgage Solutions offers FREE MORTGAGE ADVICE with NO BROKER FEE* to all staff within the NHS, Emergency Personnel. It is our way of saying THANK YOU for all the work that you do!
Am I Eligible for an NHS Mortgage Discount?
Usually only clinical staff are eligible for the specialist discounts mentioned above. Unfortunately; medical, administrative and housekeeping staff are not usually eligible.
If you carry out a clinical staff role within any of the following NHS trust organisations, you should be eligible:
- NHS GP Surgeries
- Dental practices with NHS status
- Mental Healthcare and Social Care Trusts
- NHS Primary Care and other Care Trusts
- NHS Direct
- NHS Ambulance Trust
- The National Blood Transfusion Service
- The Health Protection Agency
How Much Can I Borrow, as NHS Staff?
Like other applicants, your loan amount will be based upon your affordability, credit rating, mortgage type and whether you apply alone or with a partner. Most lenders use a multiple of three to five times your annual salary to calculate the loan figure.
As an example, a member of NHS clinical staff, with a salary range between £20k and £45k, can expect to borrow between £60,000 and £225,000. The large variance takes into account different pay grades within the scale and the strength of your credit score.
Other schemes that may be beneficial to NHS staff
Whilst the key worker scheme is no longer an option, there are a range of government schemes aimed at first time buyers, which can also be helpful to NHS employees and similar key workers.
Help to Buy
The Help to Buy scheme offers First Time Buyers the chance to buy a new-build home up to the value of £250k (£450k in Greater London), with just 5% deposit. A government loan then tops up your deposit to 25%, allowing those on a lower income access to higher priced properties, given that they only need to take a mortgage on 75% of the property value. For more information: https://www.helptobuy.gov.uk/
Shared Ownership
With the shared ownership scheme you are given the opportunity to buy a share of between 25% and 75% of your home, instead of the entire property. This equates to a much lower deposit requirement and lower repayments on your mortgage. For more information: https://www.helptobuy.gov.uk/shared-ownership/
On the remaining share of the property that you do not own, you will need to make monthly payments of rent, usually to the local authority.
Right to Buy
If you are a local authority or housing association tenant, you may have the option to buy your home at a significant discount, under the Right to Buy scheme. For more information: https://www.gov.uk/right-to-buy-buying-your-council-home
What is the NHS Key Worker Mortgage Scheme?
The key worker mortgage scheme that was once available to NHS workers and other key workers, was unfortunately discontinued in 2019.
As an NHS worker, you may be eligible for a discount mortgage rate from some lenders.
How Can Prestige Mortgage Solutions Help NHS Staff Find a Mortgage?
Buying a new home is a stressful and challenging time, especially for NHS workers, who often work long shifts on top of family commitments. Having advice from an experienced, authorised and regulated Mortgage Broker can be a real comfort. Mortgage Brokers have access to those specialist deals that are sometimes offered to NHS workers and can help ensure your application meets their acceptance criteria.
At Prestige Mortgage Solutions we are offering free* mortgage advice to all NHS staff, emergency personnel and those in the military. We can also offer you a full free review of your life insurance, critical illness cover and income protection*. We can offer you the advice you need at the time that suits your lifestyle, at no cost. So there’s nothing to lose, get in touch today and let us help you find the best deal for you.
* We are offering FREE MORTGAGE ADVICE with NO BROKER FEE to all staff within the NHS and Emergency Personnel. It is our way of saying THANK YOU for all the work that you do!
We are also able to do a FULL FREE REVIEW of your protection, including life insurance, critical illness cover and income protection. We will work hours to suit you, so please get in touch with us today!
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This incentive (mortgage and protection advice) is going to run on an ongoing basis, but for the purposes of this offer, the end date will be 31 December 2021. This offer is eligible to all staff who work for the NHS and Emergency Personnel. This offer can be used multiple times. We have a right to withdraw this incentive at any time if circumstances require us to do so.