You would think having a stable career as a nurse would automatically make getting a mortgage easy, right? Not quite. The thing with nursing is that for some, the irregular hours you work on the short‑term contracts you might be employed on can make it that little bit more difficult to get your foot on the property ladder.
The reality is, to avoid the common pitfalls of applying for a mortgage with a non‑standard income, you need specialist tips and help that are designed to make life easier so you can get the mortgage approval without all the drama and stress.
Let’s take a look at some things you can do.
Focus on Your Credit Score
Like anyone else, if you have a bad credit score, you’re going to hit more brick walls and refusals than another nurse in the same position but with a better score.
Go through your credit report, correct any errors and work on any issues that cause problems. As you’re doing this, avoid making applications for unnecessary credit — loans, credit cards you don’t need, car finance that takes up a huge chunk of your income — these behaviours can also be warnings for lenders, so until you have the mortgage approved and the keys to your new property, avoid risky credit behaviours.
Collect Proof of Income
Take some time to gather up all the proof of income you have. This is especially important if you’re not on a full‑time NHS contract or you’re self‑employed. Lenders prefer NHS employees on permanent full‑time contracts.
You need at least 2 years if you are a self‑employed nurse or you have a more unstable employment history, i.e. you’ve changed jobs frequently.
Try to look for common patterns or changes in your income that can become an issue, and look at what you can do moving forward, prior to making an application to strengthen your position, even if it means being able to explain changes in income.
Find a Specialist Broker
While there’s no such thing as a specific mortgage for nurses, you can still find deals and offers that cater to your profession. There are lenders who work with key workers to offer them programmes designed to help with offers such as reduced deposit requirements, preferential interest rates and higher borrowing limits.
However, to find the right deals for your circumstances and to get the correct advice and support, you need to work with a broker who understands nurses mortgages and your situation to make the whole process easier and more efficient.
Lower Your Debt-to-Income Ratio
This is important for anyone applying for a mortgage, but especially for nurses who have just qualified or work in bank nursing, where you are likely to present as having a zero‑hours contract.
Work on paying down debts, reduce your borrowing and decrease your debt‑to‑income ratio so you have a lower percentage of your income going towards your debts.
This can also help if you need to save towards a more significant deposit too — the fewer debts you need to pay, the more you can save, which in turn helps you secure a more favourable mortgage as you can put a bigger deposit down.
You might also enjoy more reads in our home and leisure/
