NHS Mortgage
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NHS Mortgage
Hemat Natha talks us through the process of getting a mortgage if you work for the NHS.
What is an NHS mortgage and how does it work?
There isn’t an NHS mortgage specifically – a mortgage is just a mortgage. So if you work for the NHS we will apply to the usual mortgage lenders to meet your needs.
Who is eligible for an NHS mortgage?
The list is almost endless because the NHS is so massive – physiotherapists, doctors, mental health workers, blood transfusion teams, people from the ambulance trusts, GP surgeries… So many people work in the NHS and many do private work as well.
Often an NHS worker will have a specialist or complex income. We just assess that income and affordability and take it from there.
Are there any advantages in getting a mortgage if you work for the NHS?
Within the NHS you may have multiple types of income streams. Doctors and consultants may have employed income from the NHS and contracting income through their own limited companies. We can use both of those income streams to obtain a mortgage.
On one of our other podcasts we talked about how I helped a nurse – nurses are absolute heroes of mine. And nurses do something called bank work. And we can take all of that income into account – all the shift allowances, overtime and everything for affordability.
It’s an advantage because you can use every bit of income to get the mortgage that you want.
What are the potential drawbacks with an NHS mortgage?
Because there aren’t any specific NHS mortgages, there aren’t any drawbacks.
What’s the application process for an NHS mortgage?
It’s our standard process. First of all we take a call with you to understand your circumstances. We ask a lot of questions about your income because we’re used to all the different types of NHS income you might have as a nurse, doctor, consultant, physiotherapist or your particular role.
We will ask questions relevant to your employment to ascertain what’s needed in terms of paperwork. We’ll then go ahead and request those documents. We’ll assess those, do our research, get you a Decision in Principle and guide you through the whole process.
We’re not just here to obtain a mortgage for you. There’s loads of complexities in a property transaction. We’re here to go through it with you until you actually get your keys, and beyond. We hope to be there until you pay the mortgage off. More than not, you’re probably going to buy another property in future.
One of my first clients from ten years ago has now asked me to do a mortgage for her daughter. I’m thinking, wow, have I been doing this that long? I’ve done her dad’s, I’ve done hers and I’m looking at her daughter’s now as well!
How can I find a lender that offers NHS mortgages?
Just come in and speak to us. We will find the most suitable lender by asking you relevant questions about your income, your circumstances and your credit. We’ll give you the amount you can borrow and then do all the legwork.
We got specialist software to find a lender – it takes the hassle out of it so you don’t need to scroll for hours and hours.
What are the typical interest rates and loan terms for an NHS mortgage?
Doctors, dentists and those that are classified as professionals could get preferential rates with some lenders who offer a professional mortgage. It means they can borrow slightly more.
But the rates are dependent on the day, the time, the amount you’re borrowing and the Loan to Value. We can’t quote any rates, because if anyone’s listening in six months time they won’t be valid. They change daily.
What sort of documentation do I need for the mortgage application as somebody that works for the NHS?
If you’re employed we ask for payslips and details of any bonuses or allowances. We may ask for additional P60s.
For surgeons or doctors that are doing consulting work outside of the NHS, we will also ask for standard self-employed income documentation, depending on how they’ve structured their business.
If they are on a contract we will ask for those contracts, if they are self-employed with their own limited company, then we’ll request two years’ company accounts, tax calculations and tax overviews. The information needed is all dependent on how you receive your income.
Can someone working for the NHS buy a property jointly with someone else?
Of course. Your partner could be in a different occupation and the structure of their income could be different. And yes, you can certainly buy a property jointly with someone else with a different income structure.
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It doesn’t cost anything for a chat, it’s free and we never charge a fee until we’ve got a mortgage offer. So pick up the phone and let us take it from there.
If you work for the NHS, how does it impact affordability calculations and credit score?
If you’re a professional like a doctor or a dentist and you’ve got a certain grading, you could qualify for a professional mortgage. That entitles you to a bit higher borrowing and specialist rates – but only from a few providers.
With junior doctors, for example, their salaries are expected to go up so they are treated a bit differently – they could potentially borrow a bit more.
We do the affordability assessments and once we’ve understood your income, we’ve got a wide panel of lenders that could get you the borrowing you need.
In terms of credit score, there’s no impact. A credit search is involved, so we ask all our mortgage applicants to obtain their Checkmyfile credit report. That sums up your credit across the main major credit reference agencies. It means when we’re making an application, we don’t get any nasty surprises.
What happens if I am no longer employed by the NHS after obtaining a mortgage?
Don’t worry. Everything’s based on income. Actually I’ve got someone who is leaving the NHS to be a nanny. She asked me how that would impact on her buying a property – and the important thing is your income, not your employer. So it doesn’t affect you if you leave the NHS.
Can I port a mortgage if I need to move to a different property as somebody that works for the NHS?
Yes, 100%. Many mortgages come with a portability option. Some don’t, but if that’s one of your requirements we will certainly make sure that your mortgage is eligible to port.
Are there any additional fees or charges associated with an NHS mortgage?
No, there aren’t. It’s the standard fees that are encompassed in all the mortgages that we do. There are typically arrangement fees, valuation fees and there may be a broker fee as well. That’s usually disclosed when we initially have our conversation, through a document that all mortgage brokers should use, called an initial disclosure document.
Apart from that there aren’t any additional charges associated with the mortgages.
How does the interest rate on an NHS mortgage compare to other mortgages available in the market?
Rates change all the time, so it’s always best to speak to us. We will give you the current rates and take it from there. Some of our NHS workers are doing their mortgage product renewals at the moment. And we constantly review their rate up until the new deal goes live to make sure we’re getting them a competitive deal.
What happens if I’m unable to make my mortgage payments as somebody that works for the NHS?
First of all it depends on the reason. Some people might have a critical illness – we can arrange life insurance and critical illness policies to help in that situation.
Some people might not be able to work – we’ve had nurses with bad backs, for example – so we recommend income protection as well. That income protection will pay out until the nurse is able to get back to work.
If you can’t make your mortgage payment you should call the mortgage lender in the first instance. Citizens Advice could potentially help if you don’t have insurance protections in place. Your mortgage lender may allow a payment holiday.
In the first instance, call your mortgage lender, then call us if we’ve arranged your mortgage. We can talk everything through and point you in the right direction.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
Hemat Natha, trading as Mortgage Advice Point, is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
A fee for our service is charged. This is typically £495 but the exact amount will be dependent upon your circumstances and we will discuss this with you.
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