NHS Nurse bank mortgage?

Tomis000

Hi, I have a quick question that I'm having trouble finding the answer to.

I am hoping to be a first time buyer very soon, but I hold a NHS nurse bank contract (this is unofficially like a zero hour contract in that I don't have set shifts, but rather I look on a database and choose as many or as little shifts as I like). So - Would mortage lenders immediately turn my application down based on this as it's not guaranteed income?

Other factors - I have an excellent credit history, a 20% deposit and all my previous wage slips show earnings above 1300 per month after deductions.

Thank you to anyone who can help with this!

Dave_Ham

You should be fine, sensible lenders are aware that this is the case and so long as you can show consistency of earnings, it will be ok..

You may want to track down a broker though, or find a good advisor in a flexible based bank/building society.

I think your NHS staff magazine or union magazine may have a retained mortgage brokerage who specialise??

timbo_o

Did you have any luck with this? My wife is in the same situation only she's only just started doing bank work. Lenders won't touch us at the moment even though we have a 15% deposit and my salary covers about 90% of what we need to borrow. I'm being told that she needs to have either 2 years of p60s or at least be doing a bank contract (i.e. maternity/sick leave cover).

kingstreet

timbo_o wrote: »

Did you have any luck with this? My wife is in the same situation only she's only just started doing bank work. Lenders won't touch us at the moment even though we have a 15% deposit and my salary covers about 90% of what we need to borrow. I'm being told that she needs to have either 2 years of p60s or at least be doing a bank contract (i.e. maternity/sick leave cover).

Who have you spoken to?

timbo_o

I've spoken to a mortgage broker who has contacted a number of lenders; Nationwide, Woolwich were a couple that he mentioned.

Tomis000

Me and my wife are now hoping to get a mortgage and I am still on the NHS nurse bank contract as described above. I've been to see a mortgage advisor who says that Natwest might be our only hope as they are our current account holders. She said that no other lender was willing to take us on. The Woolwich were a possibility, but they wanted 20% deposit (we can only now afford a 10% deposit) and others such as the Abbey / Santander would only consider us if I had 2 years of bank pay slips (I have 14 months worth). I will post back here with information on whether or not we were successful...

I'm going to try London & Country in the morning too as they are whole of market and Martin Lewis seems to champion them.

Caroline73_2

I had no trouble with Halifax, but this was about 5 years ago. I was on the NHS bank, working enough to earn about £14k net.

Tomis000

Thank you Caroline73, I will give them a ring in the morning too. :-)
I feel we are going from no options to a few rays of hope.

Tomis000

When you posted that we remembered that our mortgage advisor was almost whole of market excluding Halifax and HSBC. So will try them as well as it's worth a shot!

Tomis000

Ok, so here's an update on how I'm getting on for those interested now and in the future. Natwest are not getting back to us as they have one person dealing with mortgages over 4 branches in this area and she's in training at the moment. We haven't heard from back them in 2 days now so I called London & Country and the chap there couldn't have been more helpful. He found that only Natwest and Halifax were lenders willing to accept me on a nhs nurse bank contract without 2 years of payslips. Halifax had a better deal so we're going with them. Will find out in the morning whether we've been officially accepted. Fingers firmly crossed...

Tomis000

Just an update for anyone hoping to get a mortgage on the nhs nurse bank - We had success with Natwest and are now living happily in our house. We got so far with Halifax, then they rang our advisor back the next morning and declined. We got a good deal with Natwest so we are very happy. They were our current account providers at the same time and I think our good 'in-house' credit score and the ability for them to delve into our income history and spending habits helped our application. In retrospect I would recommend to anyone to get a permanent position rather than apply whilst being on the bank as you'll have a much wider choice of the market. Hope this helps anyone in a similar position.