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What NHS Mortgages are there Available?
What type of mortgages are available to NHS workers?
There are currently no mortgage products specifically for those who work for the NHS. As an NHS employee, your mortgage options are much the same as everyone else’s.
Some lenders will offer discounts to certain NHS staff. There are also a range of mortgage schemes which, whilst not intended specifically for NHS employees, could be beneficial to you.
What about the NHS Key Worker Mortgage Scheme?
The government key worker mortgage scheme that was once available to NHS workers, unfortunately no longer exists. You may be eligible for a discount mortgage rate from some lenders if you carry out certain roles within the NHS, however.
What Mortgages Discounts are available to NHS workers?
Some lenders will offer you a discount rate if you’re a national health service employee, but this is entirely at their discretion. This doesn’t apply to one particular mortgage type and the terms and conditions will vary between lenders.
These types of discount offers are not easily accessible, and usually won’t be found advertised on the high street. A specialist mortgage broker should be able to point you in the right direction of the options available to you. It’s important to bear in mind, however, that this discount will not usually apply to all NHS staff. Only those in certain roles will be entitled to these offers.
Who is Eligible for an NHS Mortgage Discount?
As previously mentioned, there is no ‘NHS Mortgage’. In order to avail the offers that some lenders offer NHS staff, such as lower interest rates and discounts you will need to be a member of NHS clinical staff in any of the following organisations:
- NHS GP Surgeries
- NHS Ambulance Trust
- NHS Direct
- The National Blood Transfusion Service
- Dental practices with NHS status
- The Health Protection Agency
- Mental Healthcare and Social Care Trusts
- NHS Primary Care and other Care Trusts
Medical staff, administrative staff and porters are not usually eligible for these types of offers, however a specialist mortgage broker will be able to advise you further.
How much can NHS staff borrow?
The amount you can borrow from mortgage lenders is not determined by your job title, so mortgages for NHS staff are assessed the same way that any other residential mortgage is, based on affordability.
To give you an idea of the loan amount that may be available to you as a member of NHS clinical staff, here is a broad example of the loan amounts based on your salary range. This will obviously depend upon your personal staff grade and that you meet additional affordability criteria. For a salary range of £20-£45k, which applies to clinical staff across the board, your loan offer will usually be between £61,608 and £204,579.
Information on other schemes which may benefit NHS staff
Help to Buy
The Help to Buy scheme is predominantly, but not exclusively, aimed at helping first time buyers get onto the property ladder. It enables you to buy a new-build home valued at up to £250k (or £450k in Greater London), with a 5% deposit. A 20% government equity loan (40% in Greater London) is added to your 5% to give you a total deposit of 25%.
With more chances of acceptance on a mortgage for the remaining 75% of the property value, you will have access to a wider variety of homes. The equity loan incurs no interest for the first five years.
This scheme is very similarly to the Help to Buy scheme and also only requires 5% deposit. The difference being that you take out a 95% NewBuy mortgage, which is charged at a lower interest rate than a standard mortgage. This option is also only available on new build properties.
With the shared ownership scheme, you’re able to purchase properties that you wouldn’t otherwise be able to afford by buying a share of between 25% and 75%.
This means a much lower deposit is needed and mortgage repayments are lower, although you should be aware that you will need to pay rent for the remaining share of the property.
Right to Buy
If you are a local authority or housing association tenant, you may have the opportunity to buy your rented home at a significant discount. This makes a mortgage a much more affordable option.
How Can A Mortgage Broker Help?
There are certain mortgage brokers with specific experience in helping NHS staff achieve the best from their mortgage options. They will know which lenders offer the best discounts to NHS staff and the acceptance criteria you’ll need to satisfy.
A mortgage broker can provide dedicated advice and guidance throughout the whole process of buying a property. Their goal is to save you time; money, stress and disappointment, as well as find a mortgage that is most suited to you.