If you want to qualify for an NHS mortgage scheme, you must be employed on a full-time or permanent contract as a staff member of the following NHS components:

• Primary Care Trust

• GP Surgeries

• NHS Direct

• Ambulance Trust

• National Blood Transfusion Service

• Health Protection Agency

• NHS Identified Dental Practices

• Mental Healthcare and Social Care Trusts

• Other NHS Trusts (currently about 217 trusts)

There isn’t a specific product called an ‘NHS Mortgage’, so if you start your search that way, you might end up hitting a wall. However, having an NHS mortgage simply means that brokers can provide you, an NHS worker with tailor-made mortgage solutions. Some lenders also offer lower interest rates that are aimed at people working in this line of work.

Key workers refer to the category of government agency employees: the police, NHS, the Armed Forces, state education services, firefighters, and local authorities, among many others.

The UK Government launched the Key Workers Living Scheme in 2001 to help its workers purchase or rent homes at affordable prices. The scheme ended in 2019 and has since been replaced with other ones like the Help to Buy, First Homes, and Right to Buy plans.

An NHS mortgage is just like any other mortgage, and it would help if you showed that you could pay back your loan within a stipulated amount of time. Therefore, your creditor might want to assess you, your credit history, your monthly expenses, age, income level, and which NHS pay bandwidth you’re on.

For example, if you earn about £31,000 annually, then the amount you could borrow will range from £95,000 to £143,000. However, what you end up paying every month will largely depend on the duration and interest rate.

There isn’t a specific product called an NHS Mortgage, as mentioned earlier. However, there are specialist lenders who offer products with lower interest rates. Speaking to a mortgage broker can help you identify these lenders and the product most suited to your personal circumstances.

Additionally, you can also apply for different kinds of mortgage offers, such as joint mortgages, where you can buy a home with a partner, relative, or friend. Alternatively, you can also apply to be part of a scheme for affordable housing.

It would be best to consult with a broker or a credit expert to guide you with relevant information that you might need.

We at More Financial do offer a discount of 10% for all Key workers. If you are or have been an NHS worker, some creditors might give you mortgage offers at a discounted rate. If you decide instead to apply for the affordable housing scheme, some of the benefits include buying a property with a reduced deposit.

Common reasons include reducing monthly payments, switching from a variable to a fixed rate for stability, accessing equity for home improvements, or consolidating debts. It's essential to assess your financial goals to determine if remortgaging aligns with your needs.