As a nurse you will no doubt be aware of the media reports over recent years highlighting how difficult it can be for key workers to afford property in today’s market.
Only last year, the Halifax Key Worker Housing Review revealed that only 14% of towns in the UK are affordable to nurses due to rising property prices, public sector pay caps, and a general rise in the cost of living.
This is frightening statistic, but to provide some degree of comparison, that’s actually an improvement from 2007 when only 6% of towns were deemed to be affordable on average nursing wages.
According to research by the Halifax, these are the most affordable towns to buy property in for key workers including nurses.
Whilst these numbers are still very low and not particularly encouraging, we believe things are changing, and buying a house as a nurse is becoming more possible.
Help for nurses buying a house
If you are an existing nurse and are looking for a mortgage, or you are due to qualify soon and want to know what your future possibilities are, we would recommend that you speak with a specialist adviser.
We have a panel of mortgage advisers who specialise in helping nurses apply for mortgages by searching for the most suitable lenders and supporting the application process from start to finish.
To find out more and to explore the possibilities available when buying a house as a nurse, please read our nurse mortgages section.
Here are the 8 reasons for buying a house as a nurse this year as put together by our specialist advisers.
Buying a house as a nurse – 8 reasons
#1: Based on history interest rates are still very low (as of October 2018)
Currently interest rates are very low, and if this continues mortgage affordability should remain attractive when compared to renting.
For those looking to apply for a mortgage, this means it could be a very good time to agree to a fixed rate deal over a longer period of time.
#2: You could take advantage of a key worker mortgage
When you talk with one of our specialist advisers about the special mortgages for nurses, one option could be a key worker mortgage.
These initiatives offer much better deals for nurses and are based on your affordability to buy.
There are a number of different ways in which these programs can provide to help for nurses buying a house. The programs include:
- Key worker homebuy mortgages
- Help to buy mortgage schemes
- Shared ownership loans
- New buy scheme
#3: You won’t be paying rent to someone else
Buying can often be cheaper than renting, it’s not always the case, but it sometimes can be.
You won’t be paying rent to someone else, instead you could potentially be creating a future asset for yourself.
#4: It’s a potential investment for the future
Whilst there are never any guarantees, you could end up making a profit on your home if house prices continue to rise as they have done historically, although the value of houses can of course also fall.
#5: You can live by your own rules
If you have a mortgage and own your own home then you are in control of what you do, when you do it, and how you do it.
There’s no landlord telling you that you can’t have pets living in your home or setting rules over how you decorate.
#6: You can make changes to the property
And talking of rules, if you want to make substantial changes to the property, then you can do so, subject of course to planning and building permissions.
You might want to completely landscape the garden or knock a wall through to make a larger living room area – there’s nobody to say you can’t, aside from the local planning authorities of course!
#7: When the mortgage is paid you live rent free
It might sound like a long way off, but you are aiming to completely pay the mortgage off in the future.
Once you have done so and completely own your home, it yours to live rent free.
#8: Create a stable home environment
By owning your own home, you are creating stability for you and your family.
There’s no risk of the landlord coming along and asking you to move because they want to sell the rental property.
Do you need help buying a home, house or flat?
If you are a nurse and are looking for help to buy a house or flat, our panel of specialist advisers can certainly help you.
Whilst the reasons above are all positives, it’s important to recognise that home ownership can have a negative impact in some cases. This very much depends on your financial circumstances both now and into the future.
That’s why we always recommend you talk with a specialist who understand the complexities of nurse contracts and pay.
Can nurses afford a mortgage?
Before you take any action, it’s important to understand whether or not you can afford and buy a house as nurse.
At Specialist Mortgage Online we work with a large panel of expert advisers who provide help for nurses buying a house, flat, or any other residential property.
When you contact us, we will partner you with the adviser most suited to you.
They will only advise you to proceed with a special nurse mortgage application if you fit certain criteria.
This will include whether you can afford to do so based on your income and living expenses.
Our advisers can support you in exploring all of those particular schemes.