What is an NHS mortgage?

If you search NHS mortgages online, you’re sure to see some companies out there talking about them and perhaps even suggesting that there are lenders out there that can assist NHS employees with a range of different products. So, what does that “range of products” consist of, and does an “NHS Mortgage” actually exist?

Well, despite the number of firms out there that say that they are able to assist with NHS mortgages, there actually is no specific mortgage product on the market today that is solely provided to NHS workers. There also isn’t one specific lender out there that only specialises in mortgages for NHS staff. So, why is the term so prevalent online and what does it mean for NHS and other key workers?

In this blog, Your Complete Mortgage looks closely into NHS Mortgages. Or rather, NHS workers, and what they should be thinking about and considering when looking to apply for a mortgage.

So, if there’s not actually a mortgage specially for NHS workers, what are the best mortgage for NHS staff?

You may all work for the NHS but the reality is, you’re all as individual and varied as the payslips you get every month. So, you should be treated that way. Providing you are dealing with a lender or mortgage broker that understands how varied your income can be, and how to treat it, then you should be on the right track. The reality is that there are thousands of mortgage products out there that could suit an NHS worker.

Sometimes, depending on your role within the NHS, you might find that you have access to a type of product called a professional mortgage. It’s not specifically for NHS staff, but it is available to people in a specific profession. So, if you’re an NHS doctor, NHS dentist or NHS pharmacist, then you might want to discuss this with your specialist mortgage broker.


How much can you borrow as an NHS worker?

Working for the NHS is not always your standard 9 to 5 job, you all work so hard!

Never more so it seems than over the last year with long, unsociable hours and extra shifts as a result there are lots of different work patterns and income allowances that add to your monthly pay. These are normally earned over and above your contracted “basic pay” but if you’re thinking about buying a home can you use this extra income in order to borrow more? Yes, you potentially can. It entirely possible that you’re NHS payslip shows extra income in way of, Call Out, On Call, Saturday working, Unsociable working, Night Duty, etc. Sound familiar? Just have a look at your own payslip and see. In fact, you might even have more than one payslip a month if you’re working bank shifts.

Mortgage lenders look at these extra allowances very differently and as you well know the extra income that makes up your take home pay can be extremely varied. The bottom line is, how much you can borrow will depend on the lender and how they view the NHS “allowances” that you are earning. Some will look favourably on shift allowances but not overtime or visa versa, they may use all of this extra income or only use a certain percentage, it really is mind field.

Having a specialist mortgage broker help you through the process of finding a mortgage can ensure that you maximise your chance of getting the right amount for you, from the right lender for you. Your Complete Mortgage is one such specialist.


So where can an NHS worker go for professional mortgage advice?

Always speak to a specialist mortgage broker that knows and understands your industry. Your Complete Mortgage is that specialist. So if you have a question and would like to get in touch with one of the team, get in touch today on 0191 694 1099