Student Nurses.. able to get a mortgage?

SpreadableToast

Ace_DK said:

I think the mortgage you alluded to are called "Young professionals mortgage" where you can get more than the 4x wages (maybe 6x wage but don't quote me) on the basis that your wage will be increasing. However, I think you need to have been fully qualified in the last couple of years, and not currently studying. 

That's roughly what I was alluding to.  I don't think anyone in the current market is going to offer mortgages off the back of someone completing a course and getting a job in that particular sector.  It just seems to fall heavily in the "irresponsible lending" category that the FCA is falling over itself to avoid.

Lancs1234

As many others have said I'd advise you to talk to a broker.  Bank hours will be classed as a 0 hours contract which a number of lenders just won't take into account. My partner is an A&E nurse and her overtime on her own department is classed as bank so many lenders wouldn't take it into consideration at all.
Also worth thinking about affordability for yourself as how realistic is doing 100 hours bank when on a placement for 3 months working full time? 

livesandletters

Lancs1234 said:

As many others have said I'd advise you to talk to a broker.  Bank hours will be classed as a 0 hours contract which a number of lenders just won't take into account. My partner is an A&E nurse and her overtime on her own department is classed as bank so many lenders wouldn't take it into consideration at all.
Also worth thinking about affordability for yourself as how realistic is doing 100 hours bank when on a placement for 3 months working full time? 

That’s fair enough.

Affordability isn’t an issue as I have a back up fund of £3k which I add to monthly incase I can’t do that many hours whilst on placement but will still aim to do some and have my student bursary.

haras_n0sirrah

I am currently doing a mortgage for a nurse who only works bank. The lender is taking 100% of latest 3 months 

livesandletters

haras_n0sirrah said:

I am currently doing a mortgage for a nurse who only works bank. The lender is taking 100% of latest 3 months 

Thank you for saying this! ☺️

corcutt

They'll look at your current income and apply industry standard 4.5-5 times your income. Promise of future earnings probably wont be factored into the credit risk assessement