The NHS is one of the UK’s largest employers with more than 1.5 million employees. Doctors, nurses and dentists alike need to be aware of the options available to them when it comes to owning a home. It can be complicated and overwhelming for NHS employees, particularly first-time buyers, with an ocean of information to sift through to try and make the right decision.

Think Plutus is here to help, and we’ve created this page to give you the pertinent information for owning a home as an NHS employee, focusing mainly on NHS mortgages.

We can also help doctors get a mortgage and specialise in mortgages for Locum Doctors

What is an NHS mortgage?

If you want a mortgage that is tailor-made for NHS employees, you’ll find that there is no product that is actually called an ‘NHS mortgage’.

When that term is used, it doesn’t describe a particular type of mortgage, but rather the skills of brokers who can take a tailored approach designed around the needs of NHS employees. In the past, there were lenders that could offer discounts to NHS employees, which is where terms like ‘NHS mortgages’ and ‘NHS mortgage scheme’ come from. Unfortunately, these products are no longer available.

Who are mortgages for NHS staff aimed at?

To apply for a product that could be classed as an NHS mortgage, you need to be employed as clinical staff on a permanent contract. Your employer must be one of the following:

  • GP Surgery
  • NHS Direct
  • Primary Care Trust
  • Ambulance Trust
  • NHS Dental Practice
  • Mental Healthcare and Social Care Trust
  • National Blood Transfusion Service
  • Health Protection Agency
  • Other NHS Trust

What NHS staff mortgages are available?

As there is no specific mortgage product for NHS employees, you will need to spend some time researching lenders. Mortgage brokers like Think Plutus can take all the guesswork out of this, as we specialise in securing mortgages for NHS staff and may be able to find the perfect deal for you.

There will be a range of different mortgages available to you, but it’s important you choose the right option for your circumstances. Whether that’s a joint mortgage, buy-to-let or a help to buy scheme, the more well-informed you are, the more likely you are to make the right decisions.

Are there any restrictions or limitations to NHS staff mortgages?

We’re pleased to be able to tell you that there is a huge range of mortgage products available to NHS staff. You will be assessed on the basis of your income and outgoings, as well as your credit record. In the past, there were various restrictions attached to NHS mortgages, such as your position within the health service. With these old schemes, clinical staff were considered for discounted NHS mortgages, but if you were considered medical staff, such as a dentist or doctor, you were not eligible for a discount.

You also would not qualify if you worked in a domestic or administrative position, or if you were considered a porter.

Is there a modern alternative to the NHS key worker mortgage scheme?

If you are a clinical member of staff for the NHS, you are considered by the government to be a key worker. Though the old key worker scheme has been discontinued, there are many other affordable housing scheme mortgages for NHS workers to access. These are usually mortgages with lower interest rates, smaller deposits and other discounts designed to make it easier to own a property.

Among the suitable mortgages are schemes like shared ownership and help to buy. If you are uncertain about which of these would be best for you, Think Plutus can help you analyse your circumstances and identify your best options.

Do NHS workers qualify for special mortgage discounts?

Many lenders have schemes to offer incentives to take out their mortgages, but these are not necessarily reserved for NHS workers. Depending on your situation, you may find that there are discounts available for both current and retired NHS workers. Again, if you are feeling uncertain, it’s best to speak to Think Plutus – our expertise and experience will help you understand your options.

An affordable housing scheme mortgage could offer attractive benefits such as being able to buy a property with a smaller deposit and/or a reduction in mortgage fees for a predetermined number of years.

How much can I borrow?

Applying for a mortgage as an NHS worker is no different from applying for a standard mortgage. You will need to demonstrate that you can pay back a certain amount each month. In order to assess the amount you can borrow and how much your repayments will be, you will have an affordability test performed. This will consider your NHS pay band, your age and your monthly outgoings.

After your assessment, the monthly repayments you make will be based on the amount you borrow, the length of your mortgage term and the agreed rate of interest.

Speak with an adviser about NHS mortgages

If you have questions about securing a mortgage as an NHS worker, you should contact Think Plutus either by phone or email. Our specialist advisers will be able to answer your questions and get the ball rolling on finding the best deal for you. Our process involves getting to know you, your circumstances and your goals so that we can perform a whole-of-market search to find the best deal for you.

NHS workers have been the most important people in the country over the last couple of years and Think Plutus would consider it a privilege to help you find the mortgage that makes your dreams of homeownership come true.

To find the best mortgage deals for NHS staff, Think Plutus.

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