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Bank Nurse Mortgages

Bank nurses can often find it hard to get a mortgage in the UK, but it’s not impossible. In this article, we’ll take a look into the nitty-gritty of bank nurse mortgages and how to get one.
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Getting bank nurse mortgages can be tricky unless you have the required knowledge of how to approach the matter.

This happens because many traditional high-street lenders often don’t consider bank nurses to be regularly employed. This leads to the conception that bank nurses don’t have regular income, and might not be able to pay the monthly repayments of the loan back on a regular basis. .

But with an increasing number of bank nurses in the country, it’s only natural that these professionals will also look for mortgages.

So, in the following, we’re going to discuss all about bank nurse mortgages, how you can get one if you’re a bank nurse, and everything in between.

Let’s dive right in!

Why Bank Nurses Find It Hard To Get Mortgages?

Despite having a substantial deposit, regular income and historical proof of earnings, bank nurse mortgage applications can get rejected by lenders.

The simple reason behind this is that mortgage lenders usually consider bank nursing to be the same as zero-hours contract work without guaranteed income. So, they reject the applications as a risk.

Another important factor that plays against bank nurse mortgages getting approved is irregular shifts and temporary contracts, which make it tough to prove regular income. You might even have inherent complexities in your pay package, such as unsociable work hours pay which is difficult to quantify.

In some cases, due to the added risk factor involved, lenders might actually ask for larger deposits, which can be challenging for the borrower to arrange.

Due to all of these reasons, bank nurses can find it tough to get a mortgage in the UK. Traditional lenders usually don’t have the required experience or expertise to deal with such special-case mortgages.

How You Can Get Around This Problem

However, all is not lost, as there are methods by which you can get a mortgage as a bank nurse. 

Sometimes, agencies offer mortgage options/support that are tailored for healthcare professionals and NHS workers.

It also helps if you have a good credit history on the Equifax, Experian or transunion reports as this will open up the available amount of lenders. Usually, a credit score of over 700 is considered good.

You should also ensure that apart from a robust credit history, you have a continuous employment history that demonstrates a regular income stream.

What Should You Do To Get A Bank Nurse Mortgage?

  • Make sure you arrange enough funds for a greater-than-usual deposit amount
  • Document at least the last six months of payslips as income proof (this will vary between lenders). 
  • Ensure any secondary income sources are also documented properly with proof
  • Keep an up-to-date credit report handy
  • You might also need the P60 from the previous tax year to evidence the income as sustainable. 

Most importantly, you should get in touch with a mortgage advisor specialising in bank nurse mortgages for proper guidance. Experienced mortgage advisors can guide you regarding how to present your application to lenders in the best way.

Which Lenders In The UK Provide Bank Nurse Mortgages?

It can be hard to find lenders who exclusively serve bank nurses, but the most popular lenders can tackle your unique bank nurse mortgage requirements. Some of these are:

  • Halifax
  • Scottish Widows Bank
  • Kensington Mortgages
  • Furness Building Society
  • Saffron Building Society

Lenders such as the ones mentioned above understand the special challenges faced by nurses and their unique income structures and help with getting their applications cleared.

How Much Can You Borrow Under A Bank Nurse Mortgage?

Mortgage Affordability Chart

There’s no easy answer to the above question, as the amount a bank nurse can borrow for a mortgage depends on a variety of factors, as explained above. But, we can try to get a fair idea using a representative example.

Let’s assume a bank nurse with a gross annual income of £30,000, with minimal debts and expenses. For such an applicant, the lender might perform an affordability calculation to determine the lending amount as follows.

If the lender assumes a standard affordability ratio of 4.5 times the annual income of the applicant, then we can calculate:

Mortgage Amount = Annual Income x Affordability ratio

                              = 30,000 x 4.5 = £135,000.

Based on the above calculation, the applicant, in this case, can borrow up to £135,00 for a mortgage. 

But this is a very simplified example, and actual lending decisions can vary based on the situation of the applicant and the lender’s criteria. What’s more, there are other factors which affect this, such as LTV (Loan-to-Value) ratio, deposit size, the applicant’s age, etc.   

In summary, getting a bank nurse mortgage can be hard, but it’s not impossible to get one. With a systematic approach and proper help from a mortgage advisor, you can get a mortgage that meets your needs.

Frequently Asked Questions (FAQs):

1. Do Bank Nurses Get Special Mortgage Deals?

Some lenders might offer special mortgage deals catering to medical professionals such as bank nurses. Such deals might include interest rate discounts, higher LTV ratios, or discounts in fees.  

2. Can Bank Nurses Include Bonuses Or Overtime Pay When Applying For A Mortgage?

Yes, lenders may consider bonuses or overtime pay as part of your overall income during the mortgage affordability assessment subject to their lending criteria. However, this usually varies from lender to lender, so you’ll need to confirm with your specific lender and their particular policies.

3. Are There Any Government Schemes Or Assistance Programs In The UK For Bank Nurse Mortgages?

Yes, there are multiple government schemes and programs in the UK that can help medical professionals, such as bank nurses, get a mortgage. Some of these are as follows:

  • Shared Ownership, which lets you buy a share of 25-75% of a property and pay rent on the rest
  • Right to Buy Schemes, which gives discounts to tenants for buying their home
  • First Home Schemes for newly built homes and first-time buyers, offering at least 30% discounts to buyers

I am a CeMAP (Certificate in Mortgage Advice and Practice) qualified mortgage adviser with a proven track record of successfully helping my clients achieve their property goals within the whole of the market. I personally specialise with clients who have a bad credit history (Defaults, CCJs, IVA etc), self-employed, first-time buyers & Buy To Lets.

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