Mortgages for NHS Heroes in Coventry and Warwickshire: A Guide to Homeownership

NHS Heros, you may be thinking of buying or remortgaging a home in Warwick, Kenilworth, Coventry, Stratford upon Avon or the rest of Warwickshire and wondering how you can get a mortgage.

Whether you are a doctor, dentist, nurse, paramedic, midwife or radiographer, as an NHS worker it can sometimes be hard to get the mortgage you need.

Complicated pay structures and NHS contracts can sometimes prevent even the highest paid doctors and consultants from borrowing the amount they need, and they know they can comfortably pay back. It can even be difficult to save for a deposit because of the low pay earned from some NHS roles.

The good news is we are in 2024 and there are a variety of home buying schemes and lender innovations that our NHS workers of Warwickshire can use to get a mortgage and buy their dream home.

Mortgages for NHS staff

Although more prevalent during the pandemic, mortgages specifically for NHS workers are now quite limited.

Professional mortgages are offered by some specialist lenders to certain professions such as Doctors, Dentists and Nurses. These mortgages give access to enhanced affordability calculations- meaning they could borrow up to 5.5 times their salary rather than the 4.5 times enjoyed by most people. Professional mortgage products also offer more flexible underwriting.

Bank work

If you are working in one of the wonderful facilities in Coventry and Warwickshire, like the University Hospital or Warwick Hospital, you might do bank work to supplement your income.

Mortgage lenders will take bank work into consideration for mortgage affordability. Some lenders will want to see a history for 24 months, some 12 months and some only 3 months, as long as you have enough experience in the profession.

Locum work

Lenders can consider locum workers either as employed or self employed, dependent on whether you pay your own tax. If you do not, as long as you have 6 months continuous employment, it is possible to consider the average of the last 3 months payslips for your earnings.

First homes scheme

If you are a first time buyer, using this scheme you can purchase a new home for 30% to 50% less than the market value as long as you have at least 5% deposit.

Priority for First Homes discounts are often given to key workers, including NHS staff, providing a significant advantage for healthcare professionals.

How can The Mortgage Mum Warwickshire help NHS workers in Coventry, Kenilworth, Leamington Spa, Stratford upon Avon and the rest of Warwickshire?

Our flexible approach to appointments is perfectly placed to help you with a mortgage application. We can offer appointments at evenings and during weekends, if necessary, to help you get the right advice at a time that suits you. We understand that doctors, nurses and other NHS workers work long hours so we are very happy to accommodate you.

In conclusion, the landscape of mortgages for NHS workers in Warwickshire is evolving, and with the right guidance, healthcare professionals can find a mortgage that suits their unique needs and helps them achieve the dream of owning a home in this beautiful region.