There are several challenges when it comes to applying for a nurse’s mortgage. The nature of working as a nurse means that you may well get a fixed salary, but there may flexibility in your shift patterns as well as overtime. As a result, it can be tricky for mortgage lenders to work out exactly how much you earn.
When it comes to applying for a mortgage with an income that can change based on the needs of your job, it can be tough. That is why it is always useful to use the services of a mortgage advisor who is able to listen to your needs and advise you based on your very specific set of circumstances. By doing this, you can be sure that you are getting the best financial advice and you are applying for the right mortgage deal for you.
What Are There Benefits Of A Nurse Mortgage?
As a nurse in the UK, you are classed as a key worker. While the key worker living programme is no longer in use in the UK, you can still participate in the Help-to-buy scheme, as well as shared ownership, and NewBuy schemes, all of which are popular with professionals who are looking to buy their own home.
These are all schemes that are designed to help people get onto the property ladder more easily.
What Mortgages Will be Available To Nurses?
A mortgage advisor will be well placed to be able to assist you in finding the right type of mortgage for you. There are a wide variety of different lenders out there and some will offer more favourable rates than others.
Typically, a mortgage provider will base much of their lending decision on your income. To work out how much they can lend you they will want to see at least three month’s worth of payslips.
The average annual income for a UK nurse is £23,000, although this may rise to those who work in a specialist area. Based on the average, you could look to borrow between roughly £74,000 and £112,000 as a single applicant. The majority of mortgage applications are joint applications, therefore if you are applying for a mortgage with your partner, their income is naturally factored into the borrow amount.
If you are working as an agency nurse, you might either be self-employed or not have a guaranteed income or contract. However, it is still possible in this situation that you may be able to apply for a mortgage. A mortgage advisor will be able to talk through your situation and help you find suitable options for your lending needs.
Applying For The Best Nurse Mortgages
Mortgage lenders vary dramatically in their understanding of the nursing profession. Finding an advisor that knows how the industry works can be very helpful when it comes to applying for your mortgage.
At The Finance Surgery, we work with lenders that have the right deals for nurses so that you can borrow more and enjoy the benefits of the lowest available interest rates and the lowest possible monthly payments.