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NHS Mortgage
Graeme Hilley and Ross Bremner talk to us about the mortgage process for NHS workers.
Can you explain the mortgage application process for an NHS worker? Are there any differences?
I would suggest that 95% of the application is the same as for any other employed individual.
Where there are some slight differences, having worked with a lot of NHS workers over the years, are the overtime and shift allowance elements. Those can all be factored into affordability, and potentially allow a client to borrow more than with just a basic salary.
Also, NHS workers have grading systems to their employment, where their income can increase. If we know that’s pending, sometimes we can use an expected increase in income within the application process. Those things are slightly different from someone with a salary that’s the same every single month.
Sometimes NHS workers do bank work, which is like a temporary contract. If you’ve been doing it for a certain period of time, that’s something else we can look at. We also get NHS workers who have a permanent role and do bank work as well.
Overall, the information required from the applicant is more comprehensive with an NHS mortgage than from somebody in general employment. That’s why it’s so helpful to speak with a mortgage broker who understands your pay slips and how to interpret that income.
What documentation do I need to provide for a mortgage as an NHS worker?
The standard documentation is the same for anybody. With an NHS worker we sometimes have to ask for extra bits and pieces as well. But the general rule is that you need ID, your last three months’ pay slips, your last three months’ bank statements and evidence of the deposit.
Most lenders and brokers will request that information, and it shouldn’t differ for an NHS worker. If somebody works bank shifts, then we might need pay slips over a longer period of time, potentially up to 12 months to evidence that income, but otherwise it should all be the same.
How can I find a lender for a mortgage as someone who works for the NHS?
Speaking with a good, experienced mortgage broker is really important. We will guide you through the journey to understand who’s the right lender, your highest affordability and the right rates available based on your particular circumstances – whether that’s based on a basic salary, overtime or shift allowances.
Navigating those pay slips can be challenging in terms of finding your average income. So, speak to a mortgage broker to guide you on the right lenders.
Lenders typically do look favourably on people who work with the NHS, which can help with your application. For example, if you’ve been offered a role within the NHS but you haven’t yet started, it’s possible a lender would let you borrow money based on that new contract.
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What are the typical interest rates and loan terms for a mortgage or someone who works for the NHS?
Interest rates and loan terms will be the same for somebody who works for the NHS as for somebody that doesn’t. Where we might see some difference is in the buying process.
We are fortunate enough to work with some good builders who will look at special incentives for a key worker or a member of the NHS. There can be some discounts available through that. But on the mortgage side, it’s just the same.
Can I use a mortgage to buy a property jointly with someone else as an NHS worker?
Absolutely, no issues with that whatsoever. It’s just treated the same way to any other joint application.
In terms of any benefits, such as those new build incentives, as long as one party on the mortgage works within the NHS, usually those incentives are available.
What happens if I’m no longer employed by the NHS after obtaining a mortgage?
It shouldn’t really have an impact. If you move to a new role when your current mortgage deal comes to an end, and we’re looking at switching to a new lender to get a better deal, we will look at what your income was at the time of the application versus what it is now.
It will all be assessed on your current income, as it would be for anybody changing jobs. There shouldn’t be any other impact at all.
Can I port my mortgage if I needed to move to a different property as an NHS worker?
Yes. Typical porting rules within any mortgage are fairly generic. Whether you’re an NHS worker or not, as long as you pass the assessment again in terms of income, outgoings and credit commitments, there’s no reason why you can’t transfer the mortgage from one property to another.
Are there any additional fees or charges associated with a mortgage as someone who works for the NHS?
Absolutely not. There are no additional fees or charges. If anything, some providers may potentially offer a discount for somebody that works in the NHS.
What happens if I’m unable to make my mortgage payments as an NHS worker?
We understand that sometimes life can throw up unexpected challenges, whether they are family-related, health-related or financial. We would always advise that communication is key. So reach out to your mortgage broker, get some guidance from them, and more importantly, engage with your existing lender.
Lenders don’t want to repossess properties. It’s always a last resort. They want to work with you to help you retain the property and make sure you can contribute towards those mortgage payments.
Speak to the lender and get a plan in place to help you. Don’t just hope it goes away – it just makes the situation worse. Speak to the people around you for support.
Can I get a Buy to Let mortgage as an NHS worker?
Yes. The same criteria will apply to anybody looking to get a Buy to Let mortgage.
Buy to Let is a really exciting space to get into and in Scotland, we benefit from some really strong rental figures and attractive investments. So for anybody listening, there are no barriers for an NHS worker to enter this market.
Can I get a mortgage if I’m an NHS worker with bad credit?
It really does depend. If there are blips on your credit profile we would typically want to understand what that looks like from a lender’s perspective, so we would ask for a copy of your credit report.
When you do have bad credit, having a permanent role with a secure employer does help. Often NHS workers have a sustained history of employment and typically receive incremental pay rises every year.
Being with the NHS could help convince a lender that you are worth the risk. Deposit-wise, you’d potentially need a wee bit more than the typical minimum of 5%.
How do I apply for a mortgage as an NHS worker? Can a mortgage broker help?
Yes – speak to us. We’d be delighted to help any NHS worker listening – we’d run through your current circumstances and ultimately guide you to what’s going to be the right mortgage for you. If you’re listening, do get in touch.
THE INFORMATION CONTAINED WITHIN WAS CORRECT AT THE TIME OF PUBLICATION BUT IS SUBJECT TO CHANGE
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.