Can NHS Overtime and Bank Shifts Be Used for a Mortgage?
Yes, NHS overtime and income from bank shifts may be taken into account when you apply for a mortgage. However, mortgage lenders assess additional income differently, and the amount they are prepared to use can depend on factors such as how regularly you receive it and your recent earnings history.
For NHS staff whose monthly income includes overtime, bank shifts or unsocial-hours payments, choosing a lender that understands how you’re paid can make an important difference.
Do mortgage lenders count NHS overtime?
Many mortgage lenders can consider overtime when assessing how much you may be able to borrow.
However, lenders don’t all treat overtime in the same way. Some may use all of your regular overtime income, while others may only use a proportion of it or calculate an average based on your recent payslips.
This is why looking at your total NHS earnings rather than simply your basic salary can be important when considering your mortgage options.
Can NHS bank shifts be used as mortgage income?
Income from NHS bank shifts may also be considered by some mortgage lenders.
A lender may want to establish that the income is regular and sustainable, and could ask to see recent payslips or other evidence of your earnings.
If you regularly work bank shifts alongside your main NHS role, it’s worth finding out which lenders are prepared to consider that additional income.
What about night, weekend and unsocial-hours payments?
NHS staff can receive additional payments for working evenings, nights and weekends.
Depending on the lender and how consistently you receive these payments, some or all of this additional income may potentially be considered when assessing mortgage affordability.
Again, lender criteria vary, so the way your income is assessed can affect how much you may be able to borrow.
How many NHS payslips will I need for a mortgage?
The number of payslips required will depend on the lender and the type of income being assessed.
Where your earnings vary because of overtime, bank shifts or enhancements, a lender may ask for several recent payslips to establish a pattern of earnings.
You may also be asked to provide bank statements showing your salary being paid into your account.
Can NHS staff get a mortgage with a 5% deposit?
It may be possible for NHS employees to get a mortgage with a 5% deposit, subject to the lender’s criteria, affordability assessment and the property you’re buying.
Having a larger deposit can give you access to a wider range of mortgage options, but having a smaller deposit doesn’t automatically prevent you from getting a mortgage.
Why can a mortgage broker help NHS staff?
NHS pay can be more complicated than a straightforward basic salary.
Your total earnings might include basic salary, overtime, bank shifts and unsocial-hours payments, and different mortgage lenders can assess those sources of income differently. A mortgage adviser who understands NHS income can identify lenders whose criteria are more suited to the way you’re actually paid.
At GHL Direct, we help NHS staff compare thousands of mortgage deals from more than 50 UK lenders, with £0 broker fees.
Looking for an NHS mortgage? Speak to a mortgage adviser and find out how much you may be able to borrow.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
