Updated: May 2022
Because earnings can include overtime, unsociable hours and bank work, many nurses are on varying wages month to month and may consequently struggle to obtain a mortgage.
We specialise in securing mortgages for nurses. As a mortgage broker, we have access to multiple lenders, including those from smaller financial institutions who are willing to be more flexible with their lending criteria. We’re always looking to find you the best possible terms for your individual situation, and we deal with all of the application process on your behalf so that you don’t have to take time out of your busy working day to negotiate with mortgage lenders.
How do I get a nurse’s mortgage?
One of the reasons for getting a mortgage as a nurse can be complicated is because there are so many different working arrangements, that no two nurses will have the same contract or salary. For example, you may be on a fixed salary, but your flexible shift patterns, and then any overtime you’ve worked on top of that, will affect your overall income. This can make it difficult for a lender to determine your exact salary, and has caused problems in the past for nurses applying for a mortgage.
In fact, it’s true that many lenders, unless they specialise in mortgages for nurses, won’t understand the complexities involved. That’s why speaking to a mortgage broker who specialises in mortgages for nurses is vital. We understand the unique circumstances involved and can refer you to the right lenders, who also understand and can work with you.
Can I get a mortgage as an agency nurse?
For nurses whose sole employment is bank work through agencies there are lenders who will consider 100% of the agency income for the mortgages application, providing you can show a consistent track record of working and earning.
Can I get a mortgage if I regularly work overtime or variable shifts?
Traditionally, it was true that some lenders may only consider a basic salary or may be more cautious of those whose work includes irregular hours and frequent overtime.
However, more lenders will now look at the patterns of employment history and if they can see the overtime/extra shifts are a regular and recurring pattern, they’ll be willing to consider them as part of the application.
Can I get a mortgage if I’m a Nurse on a temporary or short term contract?
Lenders can be wary of certain medical professionals, such as nurses and locums for example, because there may be gaps in their employment. However, there are now many specialist lenders who will look at the patterns of employment history and consider the overall picture, which if it includes regular and steady work, even on short-term contracts, will be taken into consideration.
Can I get a mortgage if I’m a self-employed Nurse or carer?
Mortgages for self-employed nursing and/or care staff are becoming increasingly common. As with all self-employed mortgages, you’ll need at least 1 year’s accounts from your accountant and in certain circumstances may need over 3 years.
The good news is though, this type of mortgage is increasingly common and, so long as you have your year end accounts and all your supporting bank statements, ID etc then you should be good to go.
Are there any mortgage discounts for nurses?
There are a number of government schemes and initiatives that make getting a mortgage for a nurse more affordable and these include schemes like Help to Buy, and Shared Ownership schemes.
Both of these schemes will offer you good mortgage options with a smaller deposit, and all of the Help to Buy and Shared Ownership mortgage companies will consider applications from nurses, no matter the type of contract they’re on.
What are the key mortgage criteria for nurses?
First and foremost, any lender wants to see that you have a stable, regular income to show that you can pay back your loan.
Mortgages are available for nurses who are first-time buyers and those who are remortgaging, for those who are self-employed and for those who are on short-term contracts.
As unique and individual as you and your circumstances are, there is likely to be a mortgage lender out there who’s the perfect fit for you. The best way to find out what your options are, and what you’ll need to produce in order to secure the best possible deal, is to speak to an experienced mortgage broker.
What mortgage offer can I get as a nurse?
Your offer is going to depend on your earnings. You’ll need at least 3 months payslips (or 1 year’s accounts), plus your bank statements and contract, alongside your past work history – especially if you’ve been on short/fixed term contracts.
The lenders will look at all this evidence and calculate what you can afford to borrow as a mortgage. For a lender to take overtime and additional earnings into consideration along with your mortgage application, they will usually want to see at least 6 months of consistent earnings, and possibly your P60 as evidence that the income is sustainable.
Can agency nurses get a mortgage?
Working as an agency nurse doesn’t mean you can’t get a mortgage, however, it may restrict the number of lenders that offer you a loan, but it actually mostly depends on your type of contract and the length of time you’ve been working as an agency nurse (provable work history).
If you’re a Pay as You Earn (PAYE) agency nurse, you’re likely employed in a similar fashion to temps and therefore do not have a permanent or fixed term contract in place. Most lenders in instances will want you to have a working history of at least 12 months before they will consider lending.
If you’re a Self-employed agency nurse, then the longer you’ve been working as a nurse the more reliable your income and earnings will look to lenders. Most lenders will ask to see your tax returns for at least 1 year, and some will prefer 3 years.