Can a nurse afford a house UK?
Yes, a qualified nurse is considered a key worker in the UK who can afford a mortgage on the house under different key worker property schemes. So, if you are a nurse who wants to own a house, then you can do so without any problem. You just need to find out which scheme suits you best. There are various schemes available for nurses and other key workers. Some of the most popular schemes include:
• Shared Ownership Scheme (SOS)
• Affordable Rent Guarantee Scheme (ARGS)
How do lenders work out how much I can borrow as a nurse?
Most nurse mortgage lenders use a mortgage affordability calculator to check the affordability of the buyer. They take into consideration the following factors:
• Your age
• Your current salary
• How much you earn per month
• What type of property do you want
• Whether you plan to pay off the loan within 5 years or not
In addition, they also look at your credit history. While it’s important to have good credit, it doesn’t mean that you cannot apply for a mortgage. Lenders are flexible and understand that people change jobs every now and then. If you have a bad credit rating, don’t worry because there are still options available for you. You can always opt for a personal loan instead.
Will the lenders take my nights, shift allowances and overtime into consideration?
You should use the same number of hours worked per week across the three months, and if possible, then try to work more than 40 hours per week. This will help you show lenders that you are reliable and committed to working full time. Nurses and other NHS staff should get the same allowance as everyone else. All banks and building societies have agreed to pay out the same amount to NHS workers. However, some lenders may ask for additional proof from you such as payslips, tax returns and bank statements.
I have both employed and self-employed nurse income. Will I be able to use both?
There are a handful of lenders who will consider both employed and self-employed income when working out how to lend you money. It is slightly more complex than this, however, so it is better to speak to a mortgage adviser who will be able to help you.
Can nurses with bad credit get mortgages?
A qualified nurse with bad credit history could also get a mortgage application approved, however, the mortgage options could be limited. When analysing a bad credit application, lenders are more concerned about how long ago does the instance has occurred and what are steps you are taking to improve your credit score.
Do NHS nurses get discounts on houses?
Yes, NHS employees get special discounts on properties. These mortgage discounts vary depending on the lender and the type of property. For example, if you buy a shared ownership home through an affordable rent guarantee scheme, you’ll get a discount of up to £5,000. The discount depends on the size of the property and the type of payment you make. The discount is usually given after 12 months of making regular payments.
NHS nurses can also benefit from Help To Buy Scheme. These type of discounts for nurses allows them to purchase their first home with just a 5% deposit. There are no upfront costs involved and the government covers the rest of the cost.
If you’re a medical professional and looking to move house in the near future, you might want to think about buying a new home before selling your current one. This way you can save money by getting rid of any outstanding debts and avoid paying stamp duty.
If you need to borrow money to finance your purchase, you will find that most mortgage providers offer competitive rates. It’s always better to contact a specialist mortgage advisor who can help you with key worker mortgage schemes.
Can a newly qualified nurse get a mortgage with available schemes?
Yes, a newly qualified nurse could also get a mortgage with government schemes such as Help to buy, mortgage guarantee scheme and many more. It is always better to consult your mortgage advisor before starting your mortgage application.
