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NHS mortgages - What you need to know

No matter the role you play in the healthcare industry – whether a nurse, doctor or pharmacist – while employed under the NHS, it’s good to have the information on your home ownership options. It might be intimidating at first, especially when you don’t know where or who to turn to for advice. Fortunately, we are here to cover all fundamental aspects of owning a home, including applying for an NHS mortgage.

What is an NHS mortgage?

There isn’t a specific product called an ‘NHS Mortgage’, so if you start your search that way, you might end up hitting a wall. However, having an NHS mortgage simply means that mortgage brokers can provide you, an NHS worker with tailor-made mortgage solutions. Some lenders also offer lower interest rates that are aimed at people working in this line of work.

Who is eligible for an NHS mortgage?

If you want to qualify for an NHS mortgage scheme, you must be employed on a full-time or permanent contract as a staff member of the following NHS components:

  • Primary Care Trust
  • GP Surgeries
  • NHS Direct
  • Ambulance Trust
  • National Blood Transfusion Service
  • Health Protection Agency
  • NHS Identified Dental Practices
  • Mental Healthcare and Social Care Trusts
  • Other NHS Trusts (currently about 217 trusts)

Is there an NHS key worker mortgage scheme?

Key workers refer to the category of government agency employees: the police, NHS, the Armed Forces, state education services, firefighters, and local authorities, among many others.

The UK Government launched the Key Workers Living Scheme in 2001 to help its workers purchase or rent homes at affordable prices. The scheme ended in 2019 and has since been replaced with other ones like the Help to Buy, First Homes, and Right to Buy plans.

What types of NHS mortgages are available?

There isn’t a specific product called an NHS Mortgage, as mentioned earlier. However, there are specialist lenders who offer products with lower interest rates. Speaking to a mortgage broker can help you identify these lenders and the product most suited to your personal circumstances.

Additionally, you can also apply for different kinds of mortgage offers, such as joint mortgages, where you can buy a home with a partner, relative, or friend. Alternatively, you can also apply to be part of a scheme for affordable housing.

It would be best to consult with a broker or a credit expert to guide you with relevant information that you might need.

Do NHS workers get discounts on mortgages?

If you are or have been an NHS worker, some creditors might give you mortgage offers at a discounted rate. If you decide instead to apply for the affordable housing scheme, some of the benefits include buying a property with a reduced deposit.


How much can NHS staff borrow?

An NHS mortgage is just like any other mortgage, and it would help if you showed that you could pay back your loan within a stipulated amount of time. Therefore, your creditor might want to assess you, your credit history, your monthly expenses, age, income level, and which NHS pay bandwidth you’re on.

For example, if you earn about £31,000 annually, then the amount you could borrow will range from £95,000 to £143,000. However, what you end up paying every month will largely depend on the duration and interest rate.

Information on help to buy/shared ownership/right to buy

These other alternative mortgage offerings might also help you as an NHS staff member.

Help to buy scheme

The Help to Buy Scheme provides UK citizens with equity loans where the Government supports first-time homebuyers and current homeowners to buy new homes and properties. The purchase price, however, must not exceed £600,000.

It would be good to note that you cannot use this scheme to purchase multiple homes, and you are only allowed to take out a repayment mortgage. Also, the equity loan that the Government provides must be repaid in 25 years. If you decide to sell your home before that, you must ensure that you fully repay the loan.

Right to buy scheme

This scheme helps qualified council or home association tenants in England to buy their homes at discounted prices. In London, for example, discounts can run up to as much as £112,300, and elsewhere, they can go up to £84,200.

You are eligible for the scheme if the house you live in is your only residence. Your home must also be self-contained (has its facilities, so you don’t have to share) and must be owned by a landlord that works in the public sector (for example, the NHS). You’ll have to make a joint application with someone you share your home with or with three family members who have been living with you for the past year.

Shared ownership scheme

The Shared Ownership Scheme is excellent for people looking to buy their first home. It is a mix between buying and renting your home. Under this scheme, you can purchase a quarter or even three-quarters of a home, and buy a larger share in the future.

You can apply for this scheme if you are a first-time buyer or if your combined household income is less than £80,000. If you live in London, your combined household income must be less than £90,000. If you also live in a council property, you are also eligible to apply for this scheme.

To summarise, there isn’t a loan package called NHS Mortgage. However, you can still get help from experts who specialise in loans for NHS workers. There are also other alternatives to consider if NHS mortgages are not for you. Hopefully, this article has been useful to you and will help you make your decision.

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