Mortgages for Care Workers

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Author: Elliott Culley - Director & Mortgage Adviser of Switch Mortgage Finance

Mortgages for care workers

A mortgage for care workers can sometimes be more difficult to obtain, especially if you work a lot more hours than you are contracted too. Or as we have seen on many occasions you work for more than one employer or you are on a zero hours contract. You need to ensure you approach the right lender for your circumstances and this is where a mortgage broker can assist you.

Is it difficult to get a mortgage as a care worker?

Depending on your contract status, how many hours you work or if you work for more than one employer. Obtaining a mortgage as a care worker can be more difficult if you don’t know which mortgage lender to approach.

For example if you work more than 50-60 hours a week, you may find some lenders will not take all the income or not lend at all. Meaning you either can’t get a mortgage with them or a less than you required. We know which lenders to approach for your particular circumstances to make getting a mortgage as easy as possible. 

How much can I borrow as a care worker?

A normal mortgage will allow you to roughly borrow 4.49x your annual income. If you do a lot of overtime, or work two jobs you will want to make sure you approach lenders that will use 100% of the income so you can enhance your borrowing potential.

I work a 2nd job as a care worker can I use this income for a mortgage?

Yes it is possible to use the income towards your mortgage. Most lenders will require you to have at least 6 months job history of working two roles to consider this. Some lenders could also restrict you depending on how many hours you work across the two roles. However we work with lenders that can accept this from as little as 3 months. In fact if both roles are care worker roles then one lender can accept this after your first month in the role.

Can I get a mortgage as a care worker using Overtime?

Yes you can use your overtime towards your income for a mortgage as a care worker. Some lenders will not take 100% of your overtime income, so you may want to avoid these lenders to borrow a larger mortgage. If you work more than 50-60 hours a week, some lenders will be concerned about the sustainability of maintaining the hours you are working.

However there are some lenders that will use 100% of your income and are less concerned about the total hours you work, provided you can show evidence you have been maintaining the level of hours for a while. 

Speak to an Expert!

elliott-culley-mortgage-adviser- director-of-switch-mortgage

Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.  

With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.

Mortgage for care workers on a zero hours contract

If you are on a zero hours contract, or work a 2nd job on a zero hours contract, most lenders will want to see at least 12 months in this role, or a similar role, before they will accept income from a zero hours contract. Please review our page on zero hours contract for further information.

Mortgage for care workera on a skilled worker visa

There are many care workers in the UK who currently are on a skilled worker visa. We specialise in the skilled worker visa sector and have helped many clients. There are a handful of lenders that will accept 10% deposit with 1 to 2 years residency in the UK.
Please review our page on Skilled worker visas for further information.

How much deposit do I need as a care worker?

Depending on your current circumstances it is possible to obtain amortgage as a care worker with as little as 5% deposit. 

Why Switch Mortgage Finance

fixed term contract mortgage. switch mortgage finance. Whiteley & Fareham mortgage broker

Buy to let mortgage for care workers

Yes it is certainly possible to obtain a buy to let mortgage. Some mortgage lenders do have a minimum income of £25,000 per year that you will need to earn, but some require no minimum income at all. You will also be restricted to a 75% mortgage and therefore will need a 25% deposit.

If this is your first time being a landlord or you are first time buyer, then there are some lenders that will not consider you, and you will want to make sure you apply to the correct lender by using a mortgage broker.

Can I get mortgage as a care worker with bad credit?

Yes, it is possible to get a mortgage as a care worker even with bad credit. It would completely depend on the severity of the bad credit. There are some specialist lenders that will consider you, however you will need it likely you will need to provide a larger deposit. It would completely depend on the severity of the bad credit, and your current position. It is always worth enquiring to see what your options are.

Why use Switch Mortgage Finance?

There are some unique challenges to arranging mortgages for care workers. Employing the services of a mortgage broker can make the process more efficient and stress free. If you are a junior doctor, locum doctor or you have complex income streams you may find it more difficult to obtain a mortgage.

This is where we can help you by utilising or experience of the market. I have helped out many doctors with their property ambitions and hopefully we can help you too.