NHS Bank Staff Mortgage Guide - 8 Questions you need answered

Everything you need to know about an NHS Bank Staff Mortgage.

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What Is An NHS Bank Staff Mortgage?

An NHS Bank staff mortgage is any mortgage for someone that is currently working for the NHS bank. However, not all lenders will treat you equally. Many lenders treat bank workers as if they are on a zero hours contract. We all know that Nurses are in high demand, so the chances of them getting zero hours is incredibly low.

Many nurses use bank work to top up their hours, and some only do bank work. This can lead to difficulty in getting a mortgage. In this article we give you all the information you need whether you are a full time Bank Nurse, or just doing it to top up your hours.

How Much History Do I Need With Nhs Bank For A Mortgage?

This will vary depending on the lender. Some you could get away with as little as 1 payslip for your bank work. However, you shouldn’t count on this. Most lenders require 1-2 years of income evidence for Bank Nurses.

If you have been in the healthcare industry for 2 years or more, you may be able to get away with fewer payslips. Some lenders will look at anything from 1-2 months of payslips if you have enough history in the industry.

What Types Of Mortgages Are Available For Nhs Bank Workers?

There are thousands of mortgage products available on the market most of the time. This therefore means there are too many unfortunately for us to cover them all. However, they tend to fall into one of two types:

Fixed Rate Mortgages

Fixed rate mortgages offer a fixed rate of interest over a set period of time. Usually this period of time is 2, 3 or 5 years, but could ultimately be 10 years or even longer.

During this period you get to know exactly what your monthly payments will be each month. This is beneficial to most as they want to plan their outgoings.

With fixed rate mortgages they usually have something called an Early repayment charge. This charge is a penalty if you try and change the mortgage during this period.

Variable Rate Mortgages

This type of mortgage covers tracker, discount rates, capped rates, and standard variable rates. They will vary over time depending on either the lenders standard variable rate or the Bank of England base rate. This means that your monthly payment can go up or down depending on what it going on either with the lender or with the country in general.

These can be beneficial for many reasons, however they are far less popular than fixed rate mortgages.

What Documents Will I Need For My Mortgage?

Different lenders will require different documents for your mortgage application. However, you will likely need the following for an NHS Bank staff mortgage:

Bank statements – Usually 3 months, but it may vary depending on the lender
Payslips – Again, often 3 months worth, but it may vary depending on the lender.
P60 – With bank work you may be asked for 1-2 years worth of P60s to prove your income in recent years
Evidence of your deposit – Most lenders want to see proof that you have the funds for the deposit. This could be bank statements or potentially a gifted deposit letter from a family member.
Proof of ID – This can often be done via Electronic ID checks now, so many lenders do not require identification anymore. However, it is worth mentioning as some may still ask for it.

What Schemes Are Available For Nhs?

Shared Ownership scheme	The shared ownership scheme allows people to buy properties with either a smaller deposit or a smaller income. As you part buy and part rent your home you do not need as large a deposit or income. This scheme is probably the most widely available of all the schemes and is usually found on New Build homes.
First Homes scheme	This scheme is relatively new. It offers a minimum 30% discount on an eligible new build property. However, it is not widely available and you may struggle to find properties using the scheme.
Deposit unlock	Deposit unlock is a lender backed scheme which allows you to buy a New build property with as little as 5% deposit. Many lenders offer this scheme and it can generally be used on any New Build property.
Joint Borrower Sole Proprietor	This scheme is probably the most widely available. As it allows you to borrow more, utilising a family member’s income. As this scheme can be used on any property it is a lot more versatile than the others.

Can I Get A Mortgage On Nhs Bank With Bad Credit?

You can get a mortgage whilst on NHS bank with bad credit. However, you may need more income evidence. If you have had a credit issue in the past you may need to provide 12 months of income evidence to the lender.

If you have bad credit and are working on the NHS bank we highly recommend speaking to a specialist that can go through your options.

Can I Get A Mortgage With Just Nhs Bank Income?

Many nurses use NHS bank income to top up their permanent income under the NHS. However, some use it as their sole source of income. Both types of applicant can get a mortgage using this income. It generally works exactly the same. Many lenders will take 100% of your bank work income.

However, you should not assume every lender will, as some may class it as a second job.

Will Using Nhs Mortgages Help Get Me A Mortgage?

Using a specialist NHS Mortgage broker will usually give you an advantage. As they see the same types of situations every day.

At NHS Mortgages we provide bespoke advice to NHS workers day in and day out. So we have likely seen your issues before.

Save money – We discount our fees for NHS employees
Save time – As we deal with NHS workers all day, every day we are experienced in helping people like you.
Packaging – This helps save you time as well. As we package your case correctly we get a faster response time from lenders. Speeding up the process for you!
Relationships – As we have built relationships with the right lenders to help you, by using them day in and day out, we often have direct access to the people we need to talk to, to get your mortgage approved.

Got a question about an NHS Bank staff mortgage we haven’t answered? Get in touch!

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