Mortgages for Nurses

Did you know that working in certain medical professions means you can access unique mortgage deals? One career covered by these mortgages for professionals is nursing. This guide explains how to get a mortgage as a nurse, the types of roles covered, and how to secure the best rates.

Are there special mortgage deals for nurses?

There are no mortgages designed specifically for nurses, but there are ways you can get a better deal for your home loan because you work in this profession. Some lenders will take a more flexible approach, which could make it easier to qualify for a mortgage. Or, as a nurse, you may be offered more favourable terms that suit your particular career path and income structure.

Benefits of getting a mortgage as a nurse

Here are some examples of the perks and advantages you might get as a nurse:

• Discounted rates: Certain lenders offer preferential treatment to NHS employees (and nurses working outside the NHS). This could translate to lower rates than you’d otherwise qualify for.
• Allowing complex income: If your income fluctuates, perhaps due to shift work or overtime, some lenders won’t penalise you for this. And, using your complete income can help when it comes to calculating your mortgage eligibility and affordability.
• Lower self-employment proof: Some lenders will be more flexible around your income history if you’re a self-employed nurse, this could mean using just 1 year’s accounts instead of several.
• Lower deposit requirements: Each lender will have rules around loan-to-value (LTV) brackets, but these can be lower for nurses, meaning you could get a mortgage with a smaller deposit - for example just 5% for a 95% LTV mortgage. 
• Borrow more: Depending on your specific role and level of seniority, there are lenders who’ll let you borrow using higher salary multiples than standard applicants.
• Flexible terms: Lenders might offer more flexible terms, such as repayment holidays, higher overpayment limits, or additional finance to help with career progression.

Housing schemes and grants

There aren’t many specific schemes and grants targeted purely at nurses, but there are some home ownership options you can explore:

• First Homes scheme: As a nurse and key worker, you might qualify for this program designed to make it cheaper for first-time buyers (FTBs) to purchase a new build property (or a house previously bought through the scheme). You can get a 30% to 50% discount on the market value of a qualifying home.
• Shared ownership: This scheme means buying a portion of a property (usually between 25% and 75%), allowing for a smaller mortgage and then you pay rent on the remaining portion.
• Rent to Buy: Allows you to pay subsidised rent on a newly-built home for up to 5 years (typically a 20% discount), with the option to buy the property outright or under a shared ownership scheme.

The types of schemes available can depend on where you’re located, the property type, and your income (along with other factors) - so it’s well worth having a conversation with an experienced mortgage broker to explore your options. 

Types of nurses that can get a mortgage in the UK

Your role might make a difference to the specific mortgage deals and terms you can access, but here are some examples of the specialities covered as a registered nurse:

• NHS nurses
• Private nurse or self-employed contractor
• Nurse practitioner
• Travel nurse
• Nurse anaesthetist
• Midwife nurse
• Agency nurse (e.g. Nurse Next Door)

Eligibility criteria

Most of the requirements for getting a mortgage as a nurse will be similar to standard applicants, but with some key differences:

• Your income structure: The potential complexity of your income (perhaps due to variable pay) could rule out some lenders. If you’ve got years under your belt as an NHS nurse, it might be easier. However, you will likely have had rotations in multiple trusts meaning various payslips and contracts, especially if you’re newly qualified.
• Specific nursing role: There are so many variations of nursing, each can come with unique nuances and levels of experience. Typically, it’s easier to qualify for a mortgage with more experience, but it’s still worth exploring options as a trainee student or newly qualified nurse. 
• Your deposit: Although certain lenders may be flexible with deposit amounts and LTV ratios, you’ll still need to use some level of deposit, often starting at 5%. 
• Credit record: Even though you might present less risk to some lenders, they’ll want to check your credit history. If you’re a nurse with bad credit, don’t fret, it’s still possible to get a mortgage if you deal with the right lenders.

Other factors can also play a role such as your age, the property type (for example the construction, whether it’s leasehold, freehold or a new-build), and more.

How much can a nurse borrow?

With most lenders, the typical amount you can borrow is 4.5 times your salary. Depending on your level of experience and nursing qualifications, some lenders may be open to stretching this.

Use our calculator below to get an idea of how much you could borrow: 

How to get an exclusive deal

Getting a mortgage can be slightly more complex than for standard applicants, especially if your income structure isn’t straightforward. But it’s worth the extra effort because, as a nurse, you can access schemes, rates, and terms unavailable to others. 

So it’s best to explore all your options with the support of an experienced broker. Using an adviser who specialises in mortgages for nurses (and other medical professionals) means they can introduce you to the right lender for your role and circumstances. They can also help guide you through the whole application and negotiation process.

You can compare the latest mortgage rates for free or book in a free, no-obligation chat with a specialist mortgage broker below:

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Lenders and rates

Some high street lenders may not be willing to tailor a deal to your situation. And certain lenders won’t see nurses as attractive applicants due to the occassionally unpredictable nature of your pay. But, lenders like Halifax and Nationwide do still offer First Homes scheme mortgages.

There are niche and specialist lenders out there who are more likely to provide better deals and rates for nurses. However, these mortgages aren’t usually advertised so it’s worth speaking to an experienced advisor who can introduce you to the right lender for your situation.

Can you get a mortgage as a student or newly qualified nurse?

It can be possible to get a mortgage if you’re newly qualified or even a trainee nurse. However, your choice of lenders will likely be smaller as some won’t be willing to offer a mortgage to student nurses or those with a limited working history. 

If you’ve got limited credit history or an unstable income, you might also need to take a look at creative options like guarantor mortgages and joint borrower, sole proprietor (JBSP) mortgages - but there will be solutions.

Why choose Teito for your mortgage needs?

At Teito, our specialist advisers have proven experience securing mortgages for nurses at all experience levels and career pathways. This includes self-employed nurses, contractors, agency nurses, newly qualified nurses - and more. 

Here are just some of the reasons nurses choose us for their mortgage needs:

• Our brokers specialise in mortgages for nurses
• We can introduce you to flexible lenders with great deals and rates
• Your first chat is free with no obligation to proceed
• We have a 5-star rating on leading review sites

Ready to compare rates for free and take advantage of a free, no-obligation chat with a broker who specialises in mortgages for nurses? Get started here.