Nurses and Mortgages: Frequently Asked Questions (And Their Answers)
Nurses’ income is usually complicated, and this is why it is not easy for nurses to meet the criteria set by traditional lenders. However, several lenders in the UK understand this problem and are more than willing to offer mortgages to these valuable professionals. Due to this complication, many nurses do not know where to start to get a mortgage to buy their homes. However, all is not lost. We have created a list of questions that most nurses ask when looking for a mortgage. Hopefully, they will help you understand the world of nurses and mortgages.
How Can A Nurse Get A Mortgage?
One main reason why nurses find it hard to get mortgages is because of the different work arrangements and incomes. A nurse may have a fixed salary but may also be benefiting from overtime from time to time. Therefore, lenders are not able to determine the actual salary of the professional. In this case, it is a good idea to speak with a mortgage broker like Right Mortgage UK, who understands the complexities involved and knows lenders who specialize in mortgages for nurses. The broker will help you stay up-to-date with the standards required by lenders and ensure you get the best deal.
Why do nurses find it hard to get the right mortgage?
As mentioned earlier, nurses struggle to get a mortgage because it is difficult to predict their work arrangements. Many high street lenders do not understand how nurses are paid or how much they earn. This is because even if a nurse has a fixed salary, they may also be earning from overtime and have flexible shift patterns. These variables make it hard for high street lenders to determine a nurse’s income and the best deal for them.
Can a nurse with bad credit get a mortgage?
If you have bad credit and struggling to get a mortgage, working with a broker can make things easier for you. Brokers know lenders who are ready to offer mortgages to nurses with bad credits. Remember, a bad credit score ruins your chances of getting any kind of loan and lenders want to know the action you have taken to correct your credit. So, it is possible to get a mortgage with bad credit, but lenders will consider the severity of your issue.
Do nurses get mortgage discounts?
Yes. Several mortgage schemes by the government make it affordable for a nurse to get a mortgage in the UK. Alternative schemes such as help-to-buy, shared ownership, and the NewBuy scheme are available in the UK with better rates for nurses.
Can an agency nurse get a mortgage?
Even if you are an agency nurse, it is possible to get a mortgage. However, you may be limited to the number of lenders ready to offer the loan. An agency nurse is either self-employed or a PAYE. For the latter, you have to be working for not less than 12 months to be eligible for the loan. A self-employed agency nurse will need to show their tax returns to qualify for the mortgage.
These are popular questions people ask about getting a mortgage as a nurse. It is crucial to understand when you are eligible and seek the help of a broker. The broker will ensure you meet the criteria set by lenders and find you the best deal.