The NHS is a major employer in the UK and working for the National Health Service may make you eligible for particular types of NHS mortgages.
What are NHS Mortgages?
There isn’t a specific type of NHS mortgage. Instead, there are numerous different schemes that can be used by NHS workers. There was previously something known as the government Key Worker Scheme, however, this is no longer operating.
However, there are other schemes available such as:
- Help to buy,
- Shared ownership,
- Right to buy
- NewBuy schemes.
To be eligible for any discounts or lower deposits, you’ll need to be employed by the NHS or by an NHS Trust in order to be eligible to take out this type of mortgage. This includes a range of organisations, including:
- NHS GP Surgeries
- NHS Direct
- Ambulance Trust
- National Blood Transfusion Service
Furthermore, you typically need to be categorised as clinical staff to benefit from any NHS mortgage schemes.
As there isn’t a single type of NHS mortgage, the terms of your specific mortgage deal may vary. While some schemes aimed at NHS workers enable you to purchase a property with a lower than average deposit, others may offer lower interest rates than standard mortgages.
Finding the Best NHS Mortgages
Different providers offer varying NHS mortgages that could suit NHS workers, which means they operate on different terms and conditions. In order to find the best mortgage for you, it’s important to identify NHS mortgage providers, confirm your eligibility and determine which deals are right for your circumstances.
Even when you’re taking out NHS mortgages, your ability to borrow will be dependent on your salary and any savings you have. When you take out an NHS mortgage, you may find that there are additional issues to consider. For example, you’ll need to know whether your mortgage or affordability will change if you decide to switch jobs.
Due to the range of NHS mortgages available to NHS workers, it can be beneficial to access independent advice before deciding what type of lending is right for your family. Taking out a mortgage is one of the biggest financial decisions you’ll make, so it’s vital you have the advice, support and information you need.
In addition to this, it isn’t always easy for consumers to access information about NHS mortgages. As some of the mortgage schemes aimed at clinical NHS staff have closed, such as the Key Worker scheme. By seeking help from an independent advisor, you can learn more about what NHS mortgages are available to you and determine which type of mortgage will enable you to buy your dream home.