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Student Nurse Mortgage Definitive Guide

Everything you need to know about A Student Nurse Mortgage.

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Can A Student Nurse Get A Mortgage?

There are several lenders and products which could be classed as a Student nurse mortgage. Whilst studying to become a nurse you may be in receipt of a bursary, stipend or income.

This can be considered toward affordability. Lenders will also consider additional income such as benefits toward affordability. When we talk about income for mortgages it does not necessarily need to be employed income.

What Documents Do I Need For A Mortgage?

A student nurse mortgage will require similar documents to most mortgages. Each lender may require different documents depending on the situation but most lenders will require:

  • Proof of income – For example; payslips, benefits statements, or a bursary schedule
  • Bank statements – Almost all lenders require bank statements, this is to make sure you don’t have any unexpected outgoings, or high levels of gambling for example. It is also for anti-money laundering purposes.
  • Proof of ID – Many lenders and brokers now do electronic ID checks, these tend to involve a soft credit search. However, some may need to physically see your ID instead.
  • Other lenders may require other documents such as latest P60, or proof of your current address. These are less common though.

What Types Of Student Nurse Mortgage Are Available?

In general there are 2 types of student nurse mortgage, however, within these 2 groups there are many other different types that you could consider.

Fixed Rate mortgages

This type of mortgage offer a fixed rate of interest, for a fixed amount of time. Usually this is 2,3 or 5 years, but could be 7, 10 or even longer potentially.

Whilst a fixed rate lets you plan as you know what your monthly outgoings will be, you also have less flexibility as you often have to pay fees to leave these mortgages.

Variable Rate Mortgages

There are various types of variable rate mortgages, such as discount, tracker and capped rate products. However, they all have one thing in common, and that is that the interest rate can change over time. The rate you pay can go up or down depending on what is going on at the time. Whilst these may seem like a risky idea, they are often more flexible than fixed rate mortgages.

Are There Any Student Nurse Mortgage Schemes?

With Help To Buy ending in 2023 there are few schemes left for Student nurses:

  • Shared Ownership – This lets you part rent and part buy your home. If you are on low income, or have a low deposit the shared ownership scheme may be a good option for you.
  • First Homes Scheme – This scheme offers a minimum of 30% discount for key workers, however it is not a very common scheme and you may struggle to find properties that are eligible.
  • Deposit unlock scheme – This is the scheme we predict will become most prevalent in the wake of the Help to buy scheme. This scheme allows you to buy eligible new build properties with as little as 5% deposit.

How Can I Get A Mortgage As A Student Nurse?

You generally have 2 options when considering getting a mortgage as a student nurse. Firstly you could go through all the lenders and products available and find which ones will accept you, and then compare the products to see which one offers the best deal. Alternatively you could speak to a specialist NHS mortgage broker and they will be able to quickly tell you which product and lender will be best for your situation.

Do Nurses Get Special Mortgages?

There are specific products and lenders for Nurses that may be more beneficial. They may also have criteria that is more aimed at Nurses or professionals. However, often the products that are the best fit for a Nurse or Student nurse will not be a specialist product.

In a similar way there are specific schemes that are available to nurses and the NHS that may not be the best option for getting on the property ladder.

What Mortgage Can A Nurse Afford?

Nurse income can be complex, between bank work, night pay, overtime, and various other types of income. However, they may be able to get a mortgage using all of it. There are various lenders that will consider 100% of all of the income received by Nurses. This goes for Student nurses as well, they may receive a bursary or stipend, which can also be taken into consideration.

Why Do Nurses Struggle To Find Suitable Mortgages?

Many lenders will only take 50% or less of some parts of a Nurses income. This therefore means that if you walk into your local branch (If you can find one!) they may be one of those that only takes a small part of your income.

This can mean that Nurses, or anyone working in the NHS potentially, struggle with getting a mortgage through their bank or building society.

However, some lenders will accept 100% of your various income types such as night pay, overtime, waiting, bank pay. This can mean you may be able to borrow a lot more by not just going to the company you do your banking with.

How Much Deposit Will A Student Nurse Need?

A student nurse can get a mortgage with as little as 5% deposit on New Builds, Flats or second hand homes.

This will vary from lender to lender, and sometimes lenders do not have 5% deposit products available. However, in general the minimum deposit required for a mortgage as a student nurse is 5%.

Can I Get A Mortgage As A Bank Nurse?

Bank income is not widely accepted by lenders without a long track record to prove it is sustainable. However, some lenders will take a sensible view on Bank work. Many nurses across the country subsidise their NHS income with bank work. Some lenders accept 100% of this as additional income, or even as your main income if you only do bank work.

You may struggle with this if you go to your local branch, so it may be worth speaking to a specialist mortgage broker to discuss your options.

How Can I Compare Student Nurse Mortgage Providers?

The easiest way to compare is via a mortgage broker, that way you know you are getting the right advice. You can use comparison sites such as Money supermarket however, they will not tell you which will accept a Student Nurse.

Student Nurse Mortgage Calculators

Our NHS Mortgage calculator will give you a rough idea of how much you can borrow as a student nurse. Add up your total household income and enter it into our calculator. However, if you want a more accurate maximum loan amount we recommend speaking to a mortgage advisor.

Got a question about A Student Nurse Mortgage that we haven’t answered? Get in touch, we’d love to add it to our article.

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