Are you struggling to find a mortgage as a nurse, or do you find yourself being turned down for a home loan application?
We know it can be hard, which is why our advisers offer help to nurses in buying a house, where they otherwise might have been turned down by the high street lenders.
We do this by working with a panel of highly experienced mortgage advisors who specialise in many areas of complex mortgage advice relating to specialist careers.
Within our adviser panel we have specialists who understand the difficulties that nurses can experience when applying for a mortgage. This difficulty is typically due to pay, deposit amounts, and variable work contracts.
Whether you are working as a nurse privately, work within the NHS, are a student nurse, bank nurse, agency nurse, or newly qualified nurse, you can contact us now for a no-obligation discussion on how our advisers might be able to help you.
Why do nurses struggle to find suitable mortgages?
There are multiple reasons why your mortgage application might be turned down.
Most of the time, the reason nurses need help in buying a home is due to a lack of understanding or flexibility by the traditional high street mortgage lenders in how to handle the application.
As a nurse, your main income might seem straight forward. It will either involve you being employed privately or by your local NHS trust who provide you with a salary.
In theory, this should make a mortgage application simple enough, but other factors come into play which can then affect your basic salary, even if you are employed full-time.
And this is where traditional lenders tend to stumble, as they don’t always have the flexibility or staff expertise to offer a home loan based on the variables involved in a nurse salary, including proof of earnings.
For example, you might have complexity in your remuneration package including extras like unsociable working hours and varying working patterns.
Because of this, some high street lenders aren’t able to lend sufficient home mortgages to nurses, as they want to see stable income, spread across a historical length of time.
So how can you apply for a mortgage loan, and get the type of deal you deserve?
The first step is to find a mortgage adviser who can successfully put together an application based on your unique remuneration circumstances, which can then be sent to the lenders most likely to offer mortgage loans for nurses.
Thankfully, we think we’re the right company to help you.
Get in touch with us today for a no-obligation discussion so we can match you up to the best adviser to help with special mortgages for nurses.
What types of nurses can we help?
No matter what type of nursing career you are in, or the level you are at, if you need help in getting a mortgage as a nurse then there’s every chance our advisers could help.
We offer support in making a successful home loan application to the following job types:
- mortgages for NHS nurses
- mortgages for agency nurses
- mortgages for newly qualified nurses
- mortgages for student nurses
- mortgages for bank nurses
And many more.
Can a newly qualified nurse get a mortgage?
Applying for a mortgage as a newly qualified nurse can be a daunting process.
It’s already bound to be a very busy period of your life. You will be getting used to your new surroundings and could have moved to a new part of the country.
By working with a specialist mortgage adviser, it can help to take a lot of the unnecessary stress away, as they will work on your mortgage application, leaving you to focus on your new job.
As an example, it could be as simple as explaining to the adviser or broker your shift patterns and preferred contact method – leaving them to progress with your home loan application even if you are recovering from a night shift.
How soon after qualifying as a nurse can you apply for a mortgage?
The majority of lenders will request 3 months’ worth of payslips to prove your earnings.
Obviously this isn’t going to be possible the moment you secure your first post as a newly qualified nurse.
At Specialist Mortgage Online our panel of mortgage advisers we have built up strong relationships with lenders and have developed an expert knowledge of how their internal processes work.
This not only lets our advisers make sure your application is sent to the right type of lender most likely to offer mortgage for nurses, but also means they will work on your application before it’s even sent.
As a result, they could help you develop an application which works off future earnings. That will depend on you being able to provide an employment contract stating your start date and annual salary.
In some cases, preferred lenders will require an employer’s reference which will involve your HR department having to confirm the details that you have provided via your employment contract.
Can I get a mortgage as a bank nurse?
Many of the applicants seeking help will be self-employed, but also supplement their income by working as bank staff for agencies on their days off and annual leave periods.
This can work from a mortgage application perspective if a lender is chosen that will use bank work as a separate income stream and is payed via agency PAYE.Thismeans the agency pays your national insurance and tax contributions at source. Alternatively, you maybe paid on a self-employed basis meaning you are paid a gross amount leaving you responsible for declaring these earnings.
If these secondary incomes are documented in the correct way, they can be used towards your overall borrowing power.
The other area that could affect your overall borrowing ability when applying for a mortgage as an employed or self-employed nurse, is your pension contribution.
It is not uncommon that as an employed nurse your pension contribution could be very high and affecting your ability to borrow.
In all cases such as this, our advisers can work with you in order to present this information in the best way to a mortgage lender, meaning you could be able to maximize your borrowing power if you so wish.
The presentation of your income is going to be one of the largest factors when applying for a mortgage and finding the right lender to suit your needs is vital.
That’s why it’s so important to seek the advice of nurse mortgage specialists, such as the ones on our adviser panel.
Mortgages for agency nurses
Agency and bank working are not uncommon ways to find employment after qualifying as it’s a great way to gain experience. Many newly qualified nurses choose bank and agency work so that they can gain an understanding of private and public working prior to committing to a full time roll as a private nurse or working within the NHS.
There are two ways in which you can be paid when working as a bank or agency nurse. We’ve outlined them below so that you can see where you fit and what information you would need when applying for a nurse mortgage.
PAYE
This is an abbreviation for “Pay as You Earn” and means your tax and national insurance contributions are paid at source by your agency.
With this type of earnings your specialist mortgage adviser will require your last three months’ pay slips plus the correlating bank statements in order to prove your income.
This will help our adviser to work out how much you can afford to borrow.
In addition to this proof of income, a copy of your latest credit profile will also be requested which can download from website such as Equifax or Experian.
Self-employed
Many bank nurses are treated as self-employed which means you are responsible for your own tax and national insurance contributions.
Self-employment comes with its own challenges when applying for a nurse mortgage as the proof of income required will be more complex and detailed.
If you are applying for a mortgage as a bank nurse your mortgage adviser will request at a bare minimum, your last year’s SA302s along with your latest credit report.
Although we have lenders that can work with you after being self-employed for one year, there are more options if you have been trading for longer.
What are the best mortgages for nurses?
When searching for the best mortgages deals as a nurse, we believe the key is to find a qualified adviser who understands your pay scales and circumstances. Every mortgage is different and when you add the complex pay structures of nurses throughout the UK, getting the right advice is paramount to your mortgage success.
Your employment type will just be one factor that affects your chances of securing a mortgage plus your personal circumstances and previous financial history.
If you have had bad credit previously or have had a recent change of employment our advisers may still be able to help you.
We know that that there can be many reasons for previously having issues with credit or bad debt, but that doesn’t have to mean you can’t apply for a mortgage successfully.
Are there special mortgages for nurses?
Yes, there are.
For example, there is the key worker mortgage schemes for nurses which our advisers can help you make sense of.
There are also other schemes and mortgage lenders that are set-up to lend to those working in the nurse profession.
Our advisers can help you navigate through all the options, so you can choose the best deal and repayment terms to suit you.
What’s next?
Getting a mortgage as nurse does not have to be complex.
It can be so much simpler with the support of specialists who understand the market and the way in which your income and deposit levels are set.
Whether you are looking to buy your first home, want to remortgage an existing property, or are choosing to enter the buy to let property market, please get in touch today.
Once you have spoken to a member of our friendly team, we will then match you with a member of our panel who will be able to help you.
