NHS Staff Mortgages

If you are searching for mortgages for NHS staff, then you are in the right place. A mortgage is a loan that is taken from a bank or a building society that allows you to purchase a property, land or any other type of estate.

All mortgages are secure loans, which means the bank has the right to take back the property should you be unable to make payments on your monthly mortgage bills.      

Regardless of whether you are a first-time buyer or you’re remortgaging, we understand that purchasing a home can be confusing. If you are ready to take that crucial step, with Health Service Borrowing, we can help you find the best mortgages for NHS staff. 

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Mortgage FAQ's

It’s important to understand that there are different types of mortgage deals available. In most cases, all mortgages are classified as “repayment mortgages''. This is when you pay back the loan and the interest in increments, such as monthly payments. However, there are some cases where a mortgage could be on a part-repayment, part-interest-only basis. However, these are extremely rare.

Within both types of mortgages listed above, there are several types of deals available, including:

✓  Offset Mortgages
✓  Discount Mortgages
Tracker Mortgages
Fixed-rate mortgages

A Mortgage Agreement in Principle (AIP) is something you’ll hear about when you’re ready to start viewing properties. In some cases, it may be referred to as a decision in principle, and essentially, it is a statement from a bank that outlines how you will lend a certain amount of money (subject to passing affordability checks).

So, why are AIPs important? Having an AIP validates your budget, which allows estate agents to find properties within your range. Plus, it shows sellers that you are a serious buyer. In some cases, AIPs aren’t necessary, but this all depends on certain circumstances.

In certain circumstances, an AIP could impact your credit score, so be sure to ask estate agents in your local area or the area you wish to buy a property whether you will need one.

The mortgage process can be complicated and stressful, and in many cases, people will use a Mortgage Broker to save time and money. A professional Mortgage Broker can help you find and apply for a deal on your behalf, taking away the stresses accosted with the mortgage process. 

On average, first-time buyers will likely be looking for a mortgage of 90% or 95%, which means they’ll need a deposit of 5% or 10%. However, if you can make a bigger despite, you will need less of a deposit. 

The length of a mortgage is all dependent on the multiple variables at play, such as the cost of the house, your savings, and the size of your mortgage. Most commonly, mortgages last for around 25 to 30 years.

Once you have received a formal offer from a lender, it will often have a timeframe in which it must be used. In most cases, mortgage offers last for three to six months, but there are cases where this may differ. 

Most commonly, lenders will take mortgages 4.5 times their salary when purchasing a home. However, this is only an approximate figure, and each circumstance can differ.

A mortgage advisor can help you navigate through all the options out there, and based on your personal circumstances, help find the best mortgage for you. Speaking to an advisor can save you time and help you prepare for that next step. 

There can be many options and reasons to get a mortgage, you can get expert advice for a wide range of circumstances including buying your first home, remortgaging, moving home, buying to let, and more.

You can contact the Mortgage Advice Bureau or request a call back, whether you are ready to go ahead or you just want advice. More information can be found here.

If you are looking to purchase a property, we can help you make the right move/ With our NHS Mortgages Discounts & deals, make the mortgage process simpler.

As a Health Service Discounts member, you gain FREE access to our NHS Mortgage Discounts and Deals. Becoming a member takes minutes, and as a member, you gain access to discounts across categories, including fashion, retail, travel, cash back, and much more.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Fee free advice is available through Wenham Mortgages Ltd. Other Appointed Representatives may charge a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Mortgage Advice Bureau is a trading name of Wenham Mortgages Ltd which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Wenham Mortgages Ltd Registered Office: 130 Nottingham Road, Ravenshead, Nottinghamshire, England, NG15 9HL. Registered in England No: 10403501.

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