What is the NHS house buying scheme?

The Government introduced the First Homes Scheme in 2022. This program offers discounts of 30% to 50% off a property's market value for first-time buyers. It is often referred to as a Key Worker Housing Scheme or NHS Housing Scheme. The First Homes Scheme is not a mortgage product.

Who is eligible for NHS mortgage scheme?

To qualify, you need to be buying your first home and have a combined household income of £80,000 or less (£90,000 in London). You also need to be able to get a mortgage for at least half the price of the home.

Do NHS staff get cheaper mortgages?

NHS staff can often access exclusive mortgage deals and discounts, with some lenders offering more flexible criteria, in part because they want to say thanks, but also because of the job security these roles bring.

What is the NHS 5% deposit?

The NHS Deposit Scheme has now ended. However, there are still a number of other schemes available to help you move - find out more.

What are the negatives of the first home scheme?

The only drawback to the First Homes Scheme is that the same discount will still apply when you try to sell the property. Therefore, if house prices rise, the profit you make from a future sale will be reduced.

NHS Mortgages Guide 2025 | Boon Brokers

Who is eligible for the first home scheme?

Eligibility Criteria for the First Homes scheme

You have to be at least 18 years old. You must be a first-time property buyer. You are able to get a mortgage for at least 50% of the home value. Your yearly income is less than £80,000 (£90,000 for London buyers).

Do I need a deposit for the first home scheme?

A property purchased using First Homes should be the buyers' only home. First Homes buyers are required to fund at least 50% of the price after discount by a repayment mortgage (or home purchase plan) together with a deposit of at least 5% of the price after discount.

What is the 5000 deposit scheme UK?

The £5,000 deposit scheme is exclusively available to first-time buyers. Buyers with a minimum deposit of £5,000 can secure a five-year fixed-rate mortgage at 5.99%, which is slightly higher than the current average five-year fixed rate of 5.34%.

What is the NHS scheme pays?

What is scheme pays? A. If you have an annual allowance charge you can ask NHS Pensions to pay some or all of that charge in return for an appropriate reduction to your NHS benefits. NHS Pensions may be able to help if the growth in your NHS Pension Scheme benefits exceeds your available annual allowance.

How much is the NHS one-off payment?

The government will provide funding for over 27,000 more healthcare workers in England to receive 2 one-off payments - worth at least £1,655 and up to £3,000 - in a major boost for the workforce.

Who is offering the lowest mortgage rates in the UK?

How much mortgage can I get on NHS?

One of the greatest advantages this unlocks is the potential for higher loan-to-income (LTI) multiples. While most traditional mortgage offers are limited to a multiple equal to 4x salary, occasionally stretching to 4.5x, NHS workers can command LTI multiples as much as 5.5x their salary.

What is the NHS first time home buyer scheme?

The Government introduced the First Homes Scheme in 2022. This program offers discounts of 30% to 50% off a property's market value for first-time buyers. It is often referred to as a Key Worker Housing Scheme or NHS Housing Scheme. The First Homes Scheme is not a mortgage product.

Do NHS workers get better mortgages?

Do NHS staff get a discount on mortgages? Yes, NHS staff sometimes get better mortgage rates than those in other professions. This is because, as far as lenders are concerned, your job is skilled and stable, making you less likely to get into financial difficulties and default on your mortgage.

What is the new government mortgage scheme?

Help to Buy: Mortgage Guarantee Scheme

The government launched the Mortgage Guarantee scheme in the April 2021, designed to help increase the supply of 5% deposit mortgages by supporting lenders to offer these products through a government-backed guarantee.

What is the minimum income to qualify for a mortgage in the UK?

There is not a set wage you need to earn to get a mortgage. If you can prove that you'll be able to repay your mortgage long term, your income shouldn't stop you getting a mortgage.

What is the threshold income in NHS?

Simply put, threshold income is your gross income minus your pension contributions (employer contributions don't count).

What is the new NHS pay offer?

How much are the pay awards? Resident Doctors will see their pay rise by an average of 5.4% (a 4% rise plus a consolidated payment of £750). We are also funding a pay rise of 4% for consultants, specialty doctors, specialists and GPs, with dentists also receiving a contract uplift to increase their pay.

What is the largest NHS payout?

In 2018, NHS Resolution paid out a record £37 million to a six-year-old boy who suffered catastrophic brain damage during his birth. A few million-pound payouts like this make the headlines each year. However, the average payout is much lower.

What deposit do I need for a $500,000 mortgage?

Because of house prices in London , the deposit is not normally the limiting factor if you are on a decent wage. The fact you can only borrow 5x salary is. Take a 500k flat (relatively cheap in most of the areas you listed). The minimum deposit of 10% will be 50k, a fair amount, but not unachievable.

Can I buy a house without a deposit?

With a no deposit mortgage, the bank lends you the money for 100% of the cost of the home. You'll pay this back over time plus interest. Banks are taking on more risk because you won't lose your own money if you don't keep up with your payments, so there's less reason to do so.

Can I get a mortgage on universal credit?

While Universal Credit itself is considered a form of income, it can influence mortgage applications. Some lenders may factor it into their affordability assessments, so it's wise to research mortgage lenders that accept Universal Credit.

What is the best loan for first time home buyers?

FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 with at least 10 percent down.

Who is eligible for the first homes scheme?

All buyers' joint gross income must not exceed £90,000 per year for First Homes in Greater London. Buyers will need to meet local eligibility criteria (if any) set by the local authority, such as a lower joint gross income cap, and/or at least one buyer having a local connection or being a keyworker.

How much do I need to earn to get a mortgage of $250,000 in the UK?

What you can borrow is based on your salary. Most lenders will loan around 4 and 4.5 times your income. You'd need an annual income between £50,000 and £62,500 to be approved for a £250,000 mortgage. This is above the average UK annual salary, currently £37,430 (August 2025).