Those working for the National Health Service have very similar mortgage options to other applicants, although some lenders offer lower rates to NHS workers. Here are some simple steps to consider when you are looking to obtain a mortgage:
Financial Assessment: NHS employees should assess their financial situation to determine how much they can afford to borrow. This includes considering their income, expenses and any existing debts.
Savings: Saving for a deposit is crucial. The more you manage to save, the better the mortgage options available.
Credit Score: Your credit score has an impact on both the amount a lender is willing to offer you and whether or not they accept your application at all. It’s therefore essential to ensure you are aware of your credit rating prior to making an application. You should also take any possible steps to improve it, where necessary.
Budgeting: Creating a budget can help you manage finances effectively and demonstrate to lenders that you can manage monthly mortgage payments.
Mortgage Advice: Seek advice from a mortgage broker can help provide options tailored to their circumstances. Some lenders offer special mortgage deals for NHS workers. Your broker will help explore these options to take advantage of potential discounts or benefits.
Stability: Lenders prefer borrowers with stable employment. NHS staff should ensure they have a steady job or contract.
Affordability: Consider the type of mortgage, such as fixed-rate or variable-rate, that suits your budget and financial goals. You broker can support you with this step providing you the best outcome for your situation.
Remember that the process may vary based on individual circumstances and lenders. It’s essential to consult with a mortgage broker who can provide personalised guidance for NHS staff.
If you’d like to discuss the options available to you, contact your adviser today.
